Bitcoin Analyst Makes Bullish Bet on XRP, Eyes 130% Potential Gains

XRP has been underperforming lately, frustrating investors with sideways trends and meager gains. But veteran Bitcoin analyst Muro sees a different future for the digital token, so much so that he has put his money where his mouth is with a fresh long position.

Muro, who isn’t one to throw around bullish calls on XRP lightly, shared this news on X. He wrote, “$XRP 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.”

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The Reason for Muro’s Long Position on XRP

He acknowledged the asset’s habit of testing the patience of the community, but the recent chart action has convinced him that a breakout is brewing. A decisive surge last month ripped XRP out of its downtrend, and Muro believes this momentum is just getting started.

Muro’s expectations are based on technical analysis, and in XRP’s chart, he sees a bullish pattern ripe for the picking. He is betting on a price surge with an entry point around $0.621 and a target of $0.654, a potential 5% surge.

However, no high-reward play comes without risk. Muro is using leverage on this trade. This means his gains (or losses) could be significantly amplified.

While the potential 5% gain might seem modest, the 25x leverage Muro is using amplifies it to a whopping 130% if his prediction happens.

But for every 1% decrease in XRP’s price, Muro’s investment would incur a 25% loss. And while he is confident in his prediction, he is not pinning a specific time frame on it.

Read Also: Google Bard Predicts XRP Price If Bitcoin Hits $530,000 As Projected by Bloomberg

XRP is currently trading at $0.6183, down 1.13% in 24 hours. It is also down 2.58% in the past week, which does not inspire confidence. However, Muro is putting faith in the asset as we enter the new year.

Muro’s bullish stance on XRP is a departure from his usual cautious approach to the asset. Despite XRP’s lack of momentum, recently dropping below Solana in the market cap rankings, the current market behavior has him convinced that it is now or never for the digital token.

Time will tell if Muro’s predictions are on point, but XRP is back on the radar of a seasoned market watcher, and that is worth keeping an eye on.

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