Mando CT, an acclaimed Bitcoin evangelist, has disclosed that he is massively stocking up on XRP tokens in anticipation of a parabolic price run.
The prominent Bitcoin investor revealed this strategic move in a recent post on X, highlighting that XRP is setting the stage for a breakout. Accompanying the post was a historical XRP chart that depicts the asset notably ranging with lower prices and forming a triangular shape.
Mando expressed his expectations for the downtrend to reverse into a bullish trend soon. He anticipates that once the breakout occurs, XRP’s upward movement could be parabolic.
Beyond the expected breakout, two additional factors are influencing Mando’s bullish outlook on XRP.
XRP Bullish Divergence forming
First, he cited the formation of a bullish divergence on XRP’s historical chart. This situation occurs when a price indicator, such as the relative strength index (RSI) or the moving average convergence divergence (MACD), suggests weakening bearish momentum despite current price action. This signals that the downward momentum is fading, and a bullish reversal may be imminent.
XRP to “Fly Hard” After Ripple Settles Fine
Furthermore, the Bitcoin investor noted that Ripple is about to settle a $125 million fine with the SEC, and he believes that once the settlement is finalized, XRP will “fly hard.”
Notably, early last month, a federal court approved a $125 million fine against Ripple for violating federal securities laws in its sales of XRP to institutions.
The court decision effectively put an end to a lawsuit that began nearly four years ago, which many believe hindered XRP’s price growth. XRP initially rallied following the decision but quickly lost momentum for further price gains.
Meanwhile, Mando remains convinced that once Ripple pays the fine, XRP could soar again, potentially reaching higher levels than those observed in August.
Notably, Ripple has three days left to pay the fine, and the company has reserved 200 million XRP, worth approximately $114 million, from its September escrow release.
Bitcoin Evangelist Targets Over 250% Return from XRP
Mando has set a $2 price target for XRP in his anticipated price surge. With XRP currently trading at $0.5672, reaching $2 would represent a return of 252% for today’s buyers.
While Mando CT considers $2 his personal ceiling target for XRP, he does not dismiss the possibility of a higher price threshold.
In response to his bullish sentiment, a commenter pointed out that XRP has been underperforming for a considerable period, questioning why he remains optimistic about the asset now. Mando CT replied that the legal issues surrounding Ripple have concluded, and the fine is the final hurdle before XRP takes off.
Because the judge has basically settled, Ripple just has to pay the fine
— MANDO CT (@XMaximist) September 2, 2024
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