“Ripple can, will, and should act in its own interest,” said David “JoelKatz” Schwartz in response to criticism regarding the firm’s XRP sales.
Ripple Labs is free to sell XRP tokens to raise operational capital, according to comments from the company’s chief technology officer. His remarks have sparked concerns among cryptocurrency investors.
“XRP isn’t a security because Ripple doesn’t actually owe you ‘utility’ or anything else,” Pierre Rochard, vice president of research at Riot Platforms, wrote in a March 5 X post.
“They are free to dump on you and you have no right to do anything about it other than join them in dumping XRP,” Rochard said, cautioning that investors are “not investing in Ripple,” just “getting tokens created out of thin air dumped on you.”
PI has staged a remarkable comeback after plunging to an all-time low of $0.40 on April 5. Amid a broader market recovery over the past week, the altcoin has seen a resurgence in demand, driving its price up 84% from its recent bottom.
With the bulls attempting to strengthen market control, PI could extend its gains in the short term.
Additionally, the histogram bars, which reflect the strength of that momentum, have gradually increased in size over the past few days, highlighting the growing demand for the altcoin.
When an asset’s MACD is set up this way, upward momentum is building, and buyers are gaining control. PI’s MACD crossover is a bullish signal, suggesting the potential for continued price gains as buying pressure increases.
In addition, PI’s positive Balance of Power (BoP) reflects the growing demand for the altcoin. As of this writing, the indicator is at 0.52.
The BoP indicator measures the strength of buyers versus sellers in the market, helping to identify momentum shifts. When its value is positive, buyers are dominating the market over sellers and driving newer price gains.
Is $1 Within Reach?
PI’s ongoing rally has caused its price to trend within an ascending parallel channel. This bullish pattern is formed when an asset’s price consistently moves between two upward-sloping, parallel trendlines.
It signals a sustained uptrend, with PI buyers gradually gaining control while allowing short-term pullbacks. If the rally continues, PI could exchange hands at $0.95.
