Widely followed market psychologist Michael XBT expressed that a “leaked chart” of the expected price of XRP for this month of August is in circulation.
The seasoned analyst made this suggestion while commenting on the price glitch on the MEXC exchange. While the prevailing market value was around $0.6, XRP briefly traded for $2 on the platform’s spot market.
Expecting $2 Target for XRP This month
Essentially, Michael is implying that the glitch may have been a preview of things to come, as he envisions XRP will reclaim its long-lost $2 price point this month. The market observer believes that once XRP’s bullish trend resumes, it will likely reach this milestone.
Michael’s optimism is based on his expectation that XRP will reverse its ongoing downtrend as early as this month. A few days ago, Michael highlighted that a historic moment for XRP is approaching, with the potential to upturn a nearly seven-year downtrend.
He argued that the crypto market might be witnessing one of the most significant breakouts in history, noting that he has never seen a seven-year-long bull pennant like the one currently forming on the XRP chart. Notably, this pattern has emerged as XRP has been trading lower since its early 2018 all-time high.
Michael is confident that a breakout will occur this month, August. While bullish on XRP, he has mostly refrained from projecting the asset’s expected target upon a breakout. He has repeatedly challenged other market watchers who ambitiously suggest that XRP could reach $300 this season. These ambitious analyses frequently cited the historical pump of 2017, in which it rallied by over 60,000%.
However, Michael believes it is misguided to forecast XRP’s valuations based on a pump that happened seven years ago. In his view, even a 10X surge, where XRP attains $6, would be a stroke of luck.
Accumulate XRP with Each Dip
As of the time of reporting, XRP is trading at $0.5729, having lost 5.54% of its value over the past day. Amid this dip, Michael stressed in a separate analysis that XRP has yet to break out of its downtrend, contrary to suggestions from other market analysts.
Nonetheless, he emphasized that a breakout is imminent, and any low prices seen in the coming days should be viewed as an opportunity for accumulation.
In recent days, analysts have warned that the window to shop XRP cheaply is fast running out. The cryptocurrency’s impressive gains over the past few weeks have lent confidence to this warning.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
