EGRAG, a prominent figure in the XRP community and market expert, compares XRP to Nvidia stock and urges investors not to sell too soon.
He published this commentary at a time when XRP is suffering one of the biggest declines in a generally unfavorable market. For the uninitiated, the US SEC recently filed a notice of appeal regarding the Ripple lawsuit, which could drag on for another two years.
News of the appeal caused a sharp decline in XRP amid an already bearish market. As a result, XRP fell 9.77% on October 2nd, fell another 3.15% yesterday, and is currently trading at a one-month low of $0.5256. At current prices, XRP has fallen 19.18% since September 30th.
Ark Invest’s Nvidia Failure
However, EGRAG remains confident in the potential of altcoins, and this optimism is borne out in his latest commentary. The market analyst advised market participants not to follow in the footsteps of Cathie Wood, an American investor and founder of investment firm Ark Invest.
Don’t be like Cathie Wood who sold her Nvidia stock here. #XRP #cipher pic.twitter.com/YM3C3aTmXK
— EGRAG CRYPTO (@egragcrypto) October 3, 2024
EGRAG’s charges concerned Wood’s investment decisions regarding Ark Invest’s holdings in Nvidia stock, one of the best-performing assets in recent years. By way of background, market data suggests that Ark Invest regularly sold its NVIDIA holdings too early, missing out on $1.3 billion in profits.
Notably, over the past two years, Ark Invest has sold over 1.3 million Nvidia (NVDA) shares. Interestingly, the bulk of this sale (equivalent to 859,000 shares) occurred in Q4 2022, when NVDA was trading at approximately $14.5 (before the 10-to-1 stock split, it was $145). ). At the time of writing, Nvidia is currently trading at $122.85, up 747% from Q4 2022.
The investment firm sold most of its NVDA holdings before the advent of ChatGPT, and the performance of its AI-focused assets soared. In particular, the 2022 sales conducted by Ark Investments alone resulted in more than $854 million in lost profits.
Comparison of NVDA and XRP
EGRAG compared Nvidia’s performance to XRP and suggested that the XRPL native token could record a similar price spike. It’s worth mentioning that before its impressive performance, NVDA also underperformed over the eight-year period from Q4 of 2007 to Q3 of 2015.
Similarly, XRP has continued to underperform expectations since crashing from its January 2018 peak of $3.31. At the current price, XRP is down over 84% from its all-time high of $3.31. The altcoin has not even been able to regain that mark since falling below the $1 mark in December 2021.
Despite the lackluster performance, EGRAG and other market analysts believe that XRP could witness a major breakout. Market veteran and XRP critic Peter Brandt also pointed to this possibility in a recent analysis.
Remarkably, most of the XRP analyzes by other market commentators have come up with different price targets for XRP, each of which would catapult a modest investment to unimaginable heights.
For example, just last month, EGRAG leveraged Elliott Wave Theory to claim that XRP could rise to a price between $27 and $33. Additionally, in August, another market analyst Mickle predicted that XRP could rise to $44, which is a more ambitious goal.
If either of these goals materializes, investors who sold XRP for less than $1 will be making the same mistake that Wood’s Ark Investments made with Nvidia. However, there is no guarantee that XRP will replicate the execution of NVDA. Therefore, investors should not consider EGRAG’s commentary as a solicitation for investment.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
