- Benjamin Cowen suggests an optimal portfolio should contain 1% Ripple (XRP).
- XRP’s value declined by 0.30% while BTC and ETH recorded gains.
- XRP’s price could hit $0.6405 if the current upward trend continues.
Benjamin Cowen, the creator of Into The Cryptoverse, shared on Twitter today that according to Modern Portfolio Theory (MPT), an optimal portfolio that enhances an investor’s risk-adjusted returns should only contain 1% of Ripple
In the meantime, CoinMarketCap, a leading cryptocurrency market monitoring platform, showed XRP trading at $0.5012. This followed a 0.30% decline in the value of the cross-border payment token over the last 24-hour trading cycle. On the other hand, both BTC and ETH recorded gains during the same timeframe. BTC saw a marginal increase of 0.07%, while ETH experienced a more substantial rise of 0.46%.
Examining XRP through a technical lens, the digital asset recorded a higher low yesterday, maintaining the steady upward trajectory it has been on for the past fortnight. However, in the preceding three days, XRP’s value has been undergoing a correction phase. As a result, there’s a potential risk of XRP’s price falling beneath the newly established trend line.
Should the cryptocurrency fall below this trend line, it could face a downward trajectory towards the next critical support level at $0.4715 in the following days. However, this bearish outlook would be negated if XRP manages to secure a daily candle closure above the 9-day EMA line, which is approximately $0.5080.
Following this, it would be reasonable to anticipate XRP’s price to test the resistance level at $0.5380, aligning with the 20-day EMA line. A daily candle close above this pivotal point would pave the way for XRP’s price to persist in its upward trajectory towards the next major hurdle at $0.5890.
Should the current upward trend maintain its strength, it could drive XRP’s value to hit the $0.6405 mark, surpassing any potential sell-offs that may occur in the subsequent fortnight.
On the flip side, if XRP’s price faces another rejection at the 9-day EMA line, it could trigger a pullback, potentially causing the price to revisit and retest the ascending trend line established on its charts.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
