Tony Edward, founder of the Thinking Crypto podcast and crypto commentator, has recently taken to Twitter to express his bullish stance on XRP. In a series of tweets, Edward shared his XRP trading strategy and predicted an imminent upswing in the price of the crypto asset.
Swing Trading XRP
In his initial tweet, Edward revealed that he had taken a “nice spot position” on XRP at $0.55, with a target selling price of $1.35. He emphasized the importance of setting stop losses to manage risk.
His opinion comes amid observations of liquidity shifting from Bitcoin (BTC) towards altcoins, indicating favorable conditions for XRP to take a turn in the spotlight.
Read Also: Top Crypto Proponent: “XRP’s Turn Is Coming”
Edward also highlighted that swing trading can be a lucrative strategy, even without the use of leverage (borrowed funds to amplify potential gains). He cautioned, however, that this is not financial advice, and the essential principle of “DYOR” (Do Your Own Research) remains paramount for anyone considering investing in the crypto market.
XRP’s Laggard Status and Potential for Explosive Growth
In a follow-up tweet, Edward reiterated his optimistic sentiment towards XRP, calling it a “laggard” – a term used for assets that underperform compared to their peers. Edward stressed that pullbacks (short-term price dips) are to be expected along the way, but anticipates a substantial “rip” (price surge) for XRP later this month.
$XRP's turn is coming, its always a laggard. There will be pullbacks before it rips, but when it rips get ready! Could see something happen later this month. https://t.co/dAKqcsw0gB
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) March 8, 2024
What Drives XRP and its Price Potential
Several factors make XRP an intriguing prospect for traders and investors:
Ripple’s Cross-border Payments: Ripple, the company behind XRP, focuses on revolutionizing cross-border payments. RippleNet, their global network, aims to provide fast and low-cost international transactions, potentially displacing legacy systems like SWIFT.
The SEC Lawsuit: The ongoing SEC (Securities and Exchange Commission) lawsuit against Ripple has cast a shadow of uncertainty over XRP. However, a favorable resolution for Ripple could unleash huge bullish momentum and send the price soaring.
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Read Also: Ethereum (ETH) Regains Surging Momentum. Why Bulls Could Target $4,500
It is important to know that cryptocurrencies are inherently volatile, and XRP is no exception. While Tony Edward’s analysis offers valuable insights, it’s crucial to remember that market predictions can be fallible. Thorough research into XRP, its use cases, the ongoing legal case, and overall market conditions is indispensable before making any investment decisions.
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