MichaelXBT, a heavyweight in Bitcoin trading, revealed his XRP play post-SEC win. If XRP hits $2, he’ll earn a $1.5 million payday.
However, this is a bold claim given the market turbulence and the possibility of another lawsuit against XRP’s Ripple Labs.
While most people won’t get that kind of payday with an XRP runup, most analysts agree that it is about to break out big time.
XRP Price Analysis: Rollercoaster Ride
XRP exploded +18.54% on August 7, thanks to a crucial Ripple-SEC court decision. It smashed through $0.60, slammed into resistance at $0.64, and dipped. Yet, MichaelXBT is steadfast in his long-term optimism.
If XRP hits my $2 target I’ll make a quick $1.5 Million
When it hits that level I plan on moving the profits into other alts with bullish set-ups
— Crypto Michael (@MichaelXBT) August 10, 2024
Last month, MichaelXBT revealed that XRP has been stuck in a giant 7-year symmetrical triangle since its crash from a $3.31 peak in January 2018.
Now, he says, it’s primed to break free, a view shared by other analysts. At the triangle’s apex, XRP could erupt any day now. Despite wild price predictions, MichaelXBT keeps it real, scoffing at forecasts of $150+.
MichaelXBT tweeted: “Those expecting a 100x pump from XRP are delusional.”
Most analysts have pegged XRP at a $2 target for the next bull run, a 251% leap from its $0.56 price point. Modest, sure, but hitting that mark means a hefty payday for many Ripple investors.
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Market Concerns: Declining Trading Volume
The bear case for XRP is centered around the trading volume, which has since rebounded but, earlier this week, crashed to $254 million. Canary in the coal mine?
Not just a stat—Ripple’s coin is shouting liquidity problems and market chaos. Less liquidity means bigger spreads and dicey big trades.
One saving grace is the golden cross, where the 50-day EMA leaps over the 200-day EMA, which has been forming for the coin.
But XRP’s anemic volume is something to watch. Without volume, the bullish pattern will stutter, so in the days ahead, watch the 50 EMAs vs. the 100 and 200 EMAs.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
