Michael XBT, a widely followed market psychologist, has shared his analysis on the recent price glitch on the MEXC exchange, where XRP briefly traded at $2. He suggests that this anomaly may be a preview of the cryptocurrency’s future price movement.
Expecting a Bullish Reversal
Michael XBT believes that XRP will reverse its ongoing downtrend as early as August. He expects the cryptocurrency to reclaim its long-lost $2 price point, citing the formation of a historic bull pennant on the XRP chart. This pattern has emerged as XRP has been trading lower since its early 2018 all-time high.
Michael XBT is confident that a breakout will occur this month, August. He emphasizes that the current dip in XRP’s price should be viewed as an opportunity for accumulation, as the window to purchase XRP at a low price is rapidly closing. Analysts have warned that the cryptocurrency’s impressive gains over the past few weeks lend confidence to this warning.
As of the time of writing, XRP is trading at $0.5702, having lost 2.11% of its value over the past day. Michael XBT stresses that XRP has yet to break out of its downtrend, contrary to suggestions from other market analysts. Nonetheless, he emphasizes that a breakout is imminent, and any low prices in the coming days should be an opportunity for accumulation.
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A Realistic Price Target
While Michael XBT is bullish on XRP, he has refrained from projecting the asset’s expected target upon a breakout. He challenges other market watchers who suggest that XRP could reach $300 this season, citing the 2017 historical pump. Instead, he believes that even a 10X surge, where XRP attains $6, would be a stroke of luck.
In conclusion, Michael XBT’s analysis suggests that XRP is gearing up for a bullish breakout, with a potential price target of $2. He underlines the importance of accumulating XRP during the current dip, as the window to purchase at a low price is rapidly closing. With a realistic price target and a bullish outlook, XRP investors may be in for a treat this month.
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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