In the midst of current adverse patterns on the cryptocurrency market, renowned crypto expert Benjamin Cowen revealed a significant finding that sheds insight on the turbulent history of XRP in particular. The XRP price chart is the source of Cowen’s observations, which continue to be vital knowledge about the course of the digital asset.
Analysis shows that XRP has already recovered all of the gains it made after the crucial court decision in the SEC case against Ripple on July 13. On that historic day, XRP saw a startling increase of more than 101%. The XRP price has been progressively declining since that time, with sporadic, fleeting upward corrections. However, this peak has remained illusive.
Surprisingly, the price of XRP has dropped to a level reminiscent of its pre-litigation condition, and is presently circling around the low $0.475 mark. The narrative around cryptocurrencies and their worth has come under scrutiny in light of this abrupt turn of events.
According to Cowen, “Liquidity drives the market, not narratives.” Speculative bubbles and euphoria may be created around certain assets due to narratives and public mood, which are frequently fueled by news, social media, or celebrity endorsements. Cowen, however, contends that these narratives are not as important as the fundamentals of liquidity. Assets with high liquidity will probably stay more stable as the buzz fades.
Such a comment serves as a sobering reminder of the crucial role that liquidity plays in bitcoin prices in a market that is frequently characterised by speculation and excitement.
