MichaelXBT, a seasoned crypto trader and long-term Bitcoin investor, reveals he would secure a $1.5 million profit if XRP hit his $2 price target.
The analyst disclosed this on X at a time when XRP is feeling the heat from the broader market’s consolidation trend. Notably, XRP recorded an impressive 18.54% intraday spike on Aug. 7 on the back of the final ruling in the legal battle between Ripple and the SEC.
XRP Stuck in Consolidation
This upsurge allowed the altcoin to breach $0.60, but it faced intense resistance at the $0.64 region. XRP eventually faced a correction, and has retraced some of these gains at press time. Despite the retracement, traders such as MichaelXBT remain optimistic of XRP’s long-term outlook.
Notably, MichaelXBT disclosed last month that XRP was trading within a massive 7-year symmetrical triangle. Several analysts have mentioned something similar, confirming that the symmetrical triangle formed when XRP collapsed from the $3.31 all-time high price in January 2018.
Interestingly, MichaelXBT asserted that XRP was on the verge of breaking above this pattern. The Bitcoin investor argued that the breakout could occur this month. Amid prevailing pessimism, he stressed that his conviction is due to the fact that XRP is now at the apex of the triangle.
A Modest $2 Target
However, the analyst has persistently contended that XRP’s breakout would lead to massive rallies expected by other market watchers. Commenting on an analysis envisioning a $150+ price for XRP, MichaelXBT suggested that this was delusional.
In a disclosure on Aug. 10, he noted that those expecting a 100x pump from XRP would face disappointment. Meanwhile, in an earlier remark, the trader confirmed that he expects XRP to reach a target of $2. This would mark a 251% increase from XRP’s current price of $0.5687, significantly below the massive targets such as the 11,745% surge recently predicted by analyst Amonyx.
Despite his conservative target, MichaelXBT has confirmed that he could still make over $1 million from XRP. According to him, he would witness a profit of $1.5 million if XRP reached the $2 price.
If XRP hits my $2 target I’ll make a quick $1.5 Million
When it hits that level I plan on moving the profits into other alts with bullish set-ups
— Crypto Michael (@MichaelXBT) August 10, 2024
This would only occur if the analyst had a substantial capital in XRP. If the $1.5 million figure represents his total investment amount at an XRP price of $2, then he holds $750,000 worth of XRP now. This would mean he currently holds 1.318 million XRP tokens at the current price.
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.
