Renowned Bitcoin analyst Muro has recently shifted his focus to XRP, expressing optimism about the digital asset’s impending market movement. Muro, who seldom comments on XRP, has highlighted the coin’s breakout from a downward trendline, sparking a revived interest in its potential for significant price surges.
rarely pumps that’s why I rarely mention it, however the last time I had mentioned it I nailed the long trade
Now it looks like it can pump here
I just longed https://t.co/VQbrZtmQ0B pic.twitter.com/QhwNRGDyrv
— Muro (@MuroCrypto) December 20, 2023
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Key Points
- Breakout Triggers Renewed Interest: Muro attributes his renewed interest in XRP to the coin’s breakout from a downward trendline last month. This breakout has led the Bitcoin analyst to believe that substantial uptrends may be on the horizon for XRP.
- Profitable XRP Long Position: In his latest remarks, Muro revealed that he recently recorded a profitable trade from XRP following his earlier discussion about the coin. Emphasizing the emergence of another short-term bullish pattern, he disclosed initiating a fresh long contract for XRP at an entry point of approximately $0.621.
- Trade Details and Targets: Muro aims to secure a profit from XRP at around the $0.654 price threshold, indicating an impending 5% price upswing. He refrained from specifying a timeline for the rally. The analyst entered the XRP long contract with a 25x leverage and implemented a tight stop-loss order just below XRP’s recent low values.
- Update on Profitable Position: After achieving a 37% profit as XRP surpassed $0.6270 from his entry point of $0.6184, Muro provided an update on the position. His leverage of 25x contributed to the heightened return percentage on the relatively modest 1.39% price change in XRP.
- Future Gains and Investor Patience: Assuming a similar 25x leverage for the new long position, Muro could potentially net another 130% gain when XRP hits his $0.654 target. Despite expressing frustration with XRP’s sideways movements, he noted that technical analysis suggests a “now or never” moment, prompting him to closely monitor the digital asset.
- Current XRP Status: At press time, XRP is trading at $0.6171, reflecting a slight 1.3% gain in the past 24 hours.
Muro’s strategic move into XRP, with a profitable trade and a positive outlook on potential gains, adds an interesting dimension to the digital asset’s current market dynamics. Traders and investors will keenly observe whether XRP fulfils the anticipated bullish momentum in the coming days. As always, caution and due diligence are crucial in navigating the dynamic cryptocurrency landscape.**