Bit428

2024/08/18 11:49

Michael XBT, a seasoned crypto trader and long-ter

Michael XBT, a seasoned crypto trader and long-term Bitcoin investor, says he stands to make $1.5 million if XRP hits his $2 target.

The analyst made the announcement on X at a time when XRP is feeling the heat from a broader market consolidation trend. Notably, XRP recorded an impressive 18.54% intraday surge on August 7 amid the final ruling in the Ripple-SEC lawsuit.

XRP Stuck in Consolidation

This rally allowed the altcoin to break above $0.60, but it faced strong resistance in the $0.64 region. XRP eventually faced a correction and has recouped some of those gains at press time. Despite the correction, traders like Michael XBT remain optimistic about XRP’s long-term prospects.

  Notably, MichaelXBT revealed last month that XRP was trading within a massive 7-year symmetrical triangle. Several analysts have mentioned something similar, confirming that the symmetrical triangle formed when XRP crashed from its all-time high of $3.31 in January 2018. 

Interestingly, MichaelXBT claimed that XRP was on the verge of breaking above this pattern. The Bitcoin investor claimed that the breakout could happen this month. Amid the prevailing pessimism, he emphasized that his conviction was due to the fact that XRP is currently at the apex of a triangle. 

A modest $2 target 

However, the analyst insisted that an XRP breakout would lead to the massive rallies expected by other market observers. Commenting on an analysis suggesting an XRP price of $150+, MichaelXBT suggested that this was a misconception. 

 In an August 10 disclosure, he noted that those expecting 100x growth from XRP will be disappointed. Meanwhile, in an earlier note, the trader confirmed that he expects XRP to reach a $2 target. This would represent a 251% increase from XRP’s current price of $0.5687, which is well below ambitious targets such as the 11,745% increase recently predicted by analyst Amonyx.

Despite his conservative target, MichaelXBT confirmed that he can still make over $1 million on XRP. According to him, he would see a profit of $1.5 million if XRP reaches a price of $2.

This would only happen if the analyst had significant capital in XRP. If the $1.5 million figure represents his total investment at a $2 XRP price, he now has $750,000 worth of XRP. This would mean he currently has 1.318 million XRP tokens at the current price

#Contest for HTX Community's Most Popular Post#Share Your Thoughts on Popular Assets in March#Post To Earn Bonus

21Partilhar