XRP has captured the attention of several notable market watchers, with prominent Bitcoin (BTC) analyst Muro being the latest to express sustained interest in the asset.
After months of ignoring XRP, Muro’s renewed fascination with the asset came to limelight late last month following its impressive 5.55% intraday surge on Nov. 22. Muro confirmed that XRP had broken out of a downward trendline and was on the verge of an uptrend.
Renewed Interest in XRP
He projected a looming rally that could see XRP rise to the $0.80 price target. The analyst remained firmly optimistic of XRP’s potential to eventually surge to the target, emphasizing that this scenario would materialize whether or not the asset retested the consolidation low.
However, while his analysis pointed to an imminent price upswing, Muro provided no timeline for this rally. XRP has since continued to consolidate, with a discouraging performance contributing to waning investor optimism. Nonetheless, Muro remains unfazed, evidenced by his latest reports on XRP.
In a Dec. 5 post, the analyst reiterated his bullish stance on XRP, stressing that the cryptocurrency is poised for a “pump.” He mentioned initiating a buying position in XRP with a close stop-loss order set just below its recent low values. This strategy aims to minimize potential losses if the market moves against the position.
Muro provided an update to this trade, disclosing his 37% profit as XRP rose beyond the $0.6270 price threshold. The analyst then highlighted the price movements XRP exhibited following the rise to $0.6270. He said the coin was testing traders’ patience with this consolidation.
“Now or Never”
Muro emphasized that he typically does not show interest in XRP. However, the current price position of the asset has shown him that the time to capitalize on the asset’s potential rally is “now or never.”
$XRP typically testing patience again since last night’s entry, I usually don’t trade this coin but TA wise it said to me that now or never, let’s see https://t.co/VQbrZtmQ0B pic.twitter.com/uPAk9Q03xd
— Muro (@MuroCrypto) December 6, 2023
The last time XRP recorded such consolidation on the 1-hour chart was in October. XRP broke above the $0.50 resistance in mid-October. However, the coin traded sideways between $0.5090 and $0.5355 for three days, testing the patience of market participants.
XRP eventually broke out of this consolidation, first soaring to $0.5780 on Oct. 24 and then rallying to $0.7277 on Nov. 6. Interestingly, XRP has increased 2.4% since Muro’s latest disclosure, currently trading for $0.6450 to reclaim the $0.65 territory.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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