Recently, a prominent XRP supporter and the CEO of Black Swan Capitalist, Versan Aljarrah, debunked a shocking development. Versan has challenged the prevailing notion that charts hold the key to forecasting XRP’s future value.
This assertion challenges the belief that historical data and technical analysis are the primary indicators for projecting cryptocurrency prices.
‘XRP Has Nothing to do with Chart,’ Aljarrah Claims
In his recent Twitter post, Aljarrah disputed that a chart can solely determine the price of XRP. Instead, he stressed that XRP price moves reflect the prevailing market forces.
The price of #XRP has nothing to do with charts. It’s a reflection of market forces.
As our global monetary system faces uncertainty and #liquidity access narrows, the #demand for fast, affordable #payments will intensify. $XRP‘s value will NEED to climb to meet that demand 📈 pic.twitter.com/3oGoIc7qRo
— Black Swan Capitalist (@VersanAljarrah) September 28, 2023
In Aljarrah’s statement,
“The price of XRP has nothing to do with charts. It’s a reflection of market forces.”
Recall that there are times when charts have failed to predict the future prices of an asset. For instance, in 2021, Ethereum charts predicted a continued uptrend. Since then, ETH’s price was down by around 60%.
Similarly, Bitcoin’s chart showed a continuous uptrend but failed to sustain the rally. Since then, BTC’s price has collapsed significantly by almost 70%.
XRP has been trying to recover its gains, and many investors wonder whether the uptrend will continue. Unfortunately, Aljarrah’s assertion comes when many XRP investors look to charts for guidance.
Aljarrah’s Different View on XRP’s Future
Aljarrah disagreed with a post saying XRP’s price would increase by 1,160%. Instead, Aljarrah thinks XRP will increase because more people worldwide want to use it.
Furthermore, Aljarrah mentioned that as uncertainty in the global monetary system increases, there will be a bigger need for quick and cheap payment options. Hence, he speculated that an increase in demand will influence XRP’s price positively.
However, some people in the crypto market had different opinions about Versan Aljarrah’s view on XRP’s price and its chart. However, one user agreed with Aljarrah’s opinions but also pointed out that charts are useful in making decisions.
In addition, he said that charts put together the thoughts and actions of many people in the market. This includes what they know and what they’ve learned from experience. Also, the commenter thinks that collective ideas are better than just one person’s opinion on XRP’s price.
Don’t charts reflect market forces? Specifically the collective greed and fear of the market
— Nadnerb 🇦🇺🦁🪝 (@nadnerb217) September 29, 2023
“The added knowledge, experience, wisdom of millions of people is superior to those of any individual; charts show the market forces on live streaming,”
the user said.
They think charts show what’s happening in the market right now, like a live video. It helps to understand how different parts of the market are working together.
Another crypto enthusiast agreed with this idea:
“Don’t charts reflect market forces? Specifically the collective greed and fear of the market.”
Nevertheless, chart experts believe XRP’s price will increase significantly in the next few months. They came to this idea by looking at what happened before XRP reached its highest price.