Despite XRP’s current disappointing streak, prominent figures from the Bitcoin trading community are making notable entries into the XRP market, expressing their belief in the asset’s potential.
This influx of investment comes amidst a backdrop of uncertainty surrounding Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC), and XRP’s lackluster performance over the past few months.
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Bitcoin Trader Leads the Charge
One of the most recent and significant XRP buy disclosures originated from an established Bitcoin trader known as Doctor Profit (@DrProfitCrypto) on X.
In a recent post, Doctor Profit revealed a substantial investment of $500,000 into XRP. He purchased the tokens when the asset was trading at $0.56.
Doctor Profit’s entry into the market involved two separate transactions, each conducted within a 20-minute window. The first purchase amounted to 479,965 XRP, valued at $268,795.97, followed by a second purchase of 408,388 XRP worth $228,710.60.
Adding half a million dollar worth of $XRP at a price of $0.56, to my existing long term XRP position
Last big buy order for XRP was in January last year, bought for 0.32
Expanded my position today pic.twitter.com/mhrWBIUcOr
— Doctor Profit 🇨🇭 (@DrProfitCrypto) February 16, 2024
While some celebrate Doctor Profit’s investment, others express skepticism, questioning the rationale behind such a significant purchase amid the digital asset’s current woes. Recall that a prominent XRP community member recently revealed that investors are selling the digital asset in favor of other tokens, raising further questions about Doctor Profit’s investment.
Another Bitcoin Investor Joins the Fray
Despite the red flags, Doctor Profit is not the only Bitcoin trader venturing into the XRP market. Miles G Investments (@MilesGinvest), another Bitcoin trader, also shared an update regarding his XRP portfolio, showcasing a balance of 180,738 tokens.
Interestingly, this individual has set a price target range of $3 to $7 for XRP within 2024, indicating potential profit-taking at these levels. Miles’ investment reinforces the belief that the prevailing negativity surrounding the crypto asset might be a contrarian indicator, signaling a potential upswing.
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While XRP has not been encouraging to its investors, some might perceive the current negativity as an opportunity to buy into an asset with perceived upside potential if the legal hurdles are overcome and it begins to perform better.
The influx of Bitcoin traders into the XRP market signifies a developing trend. It highlights a continued interest in the asset despite the ongoing legal uncertainties and poor performance. At the time of writing, the digital asset is trading at $0.5615, up 2.49% over the past 24 hours.
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