Bitcoin analyst Muro disclosed executing a new XRP long position after his previous trade proved fruitful with a 37% ROI.
The impending market movement of XRP has caught the attention of notable Bitcoin analyst Muro. He acknowledged that he seldom comments on the digital asset, attributing it to the infrequent occurrence of significant price surges in XRP.
However, Muro has exhibited a revived interest in XRP in the past few weeks. This newfound enthusiasm stems from the asset’s breakout from a downward trendline last month, leading the Bitcoin analyst to believe that substantial uptrends are on the horizon.
New XRP Long Position
In his latest remarks on XRP, Muro revealed that he recorded a profitable trade from XRP following his earlier discussion about the coin.
Emphasizing the emergence of another comparable short-term bullish pattern in XRP’s chart, he hinted at potential opportunities for favorable trading outcomes. Specifically, the Bitcoin analyst disclosed that he initiated a fresh long contract for XRP.
“The last time I had mentioned it [XRP], I nailed the long trade. Now it looks like it can pump here. I just longed,” Muro proclaimed on X.
This time, with an entry point of approximately $0.621, he aims to secure a profit from XRP at around the $0.654 price threshold, as depicted in the chart accompanying his tweet.
Although Muro’s analysis indicated an impending 5% price upswing, he refrained from specifying a timeline for the occurrence of the rally.
In an update prior to securing a profitable XRP position, the analyst noted that he entered the XRP long contract implementing a tight stop-loss order positioned just below XRP’s recent low values.
Muro later provided an update on the position after achieving a 37% profit as XRP surpassed $0.6270 from his entry point of $0.6184.
It is worth noting that he entered the XRP long contract with a 25x leverage. This accounts for why his return percentage was heightened on the meager 1.39% price change in XRP.
Assuming Muro has entered the new long position with a similar 25x leverage, he could net another 130% gain when XRP hits his $0.654 target.
XRP Testing Investor’s Patience
Previously, Muro expressed frustration that XRP was testing investors’ patience with several sideways movements, culminating in a more significant uptick than when he secured the 37% gain.
As a result, he disclosed that he rarely trades XRP due to the observed performance. However, he noted that XRP technical analysis suggests the current situation is a “now or never” moment. This has prompted him to keep his sight on the digital asset.
At press time, XRP trades at $0.6171, with a slight 1.3% gain in the past 24 hours.
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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