Mando CT, a recognized advocate for Bitcoin, has recently disclosed his substantial accumulation of XRP tokens. He believes the cryptocurrency is poised for a major price surge soon.
In a recent post on X, Mando shared that his decision to acquire more XRP is driven by technical indicators suggesting an imminent breakout. He referenced historical price patterns, highlighting that XRP has been consolidating within a triangular formation, typically a precursor to a sharp price movement.
One of the primary reasons behind Mando’s optimism is the formation of a bullish divergence on XRP’s historical chart.
A bullish divergence occurs when indicators such as the Relative Strength Index (RSI) or Moving Average Convergence Divergence (MACD) show weakening bearish momentum, even as prices decline. This typically indicates that the downward trend is losing strength and a reversal to a bullish trend may be on the horizon.
Mando pointed out that these technical signs suggest that XRP’s current downturn could soon reverse, leading to a significant upward movement in price. He says once the breakout occurs, XRP could experience a rapid and substantial increase in value.
Another factor influencing Mando’s bullish outlook is the expected resolution of Ripple’s legal issues with the U.S. Securities and Exchange Commission (SEC). Ripple is set to finalize a $125 million settlement with the SEC, which stems from allegations that the company violated federal securities laws in its sales of XRP to institutional investors.
Last month, a federal court approved the fine, effectively ending a legal battle that has spanned nearly four years. This lawsuit has been a significant factor in suppressing XRP’s price performance.
While XRP experienced a brief rally following the court’s decision, it quickly lost momentum. However, Mando believes that the fine settlement will remove a major obstacle, allowing the digital asset to gain value again.
Ripple has three days remaining to pay the fine, and the company has already reserved 200 million XRP, valued at approximately $114 million, from its September escrow release. Mando is confident that once Ripple fulfills its obligation, XRP will likely experience a significant price increase, potentially surpassing the levels it reached in August.
Mando has set a target price of $2 for XRP, representing a substantial potential return of 256% based on its current trading price of $0.5613. While he considers $2 a conservative target, he does not rule out the possibility of even higher gains.
Mando’s bullish outlook has sparked interest and debate among cryptocurrency enthusiasts, with some expressing skepticism due to XRP’s history of underwhelming performance. Nonetheless, Mando remains steadfast in his belief that the combination of favorable technical indicators and the resolution of legal challenges makes XRP a promising investment opportunity.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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