Market commentator Crypto Bitlord advises market participants to buy XRP now ahead of a potential development expected on Friday.
According to him, those betting against XRP’s uptrend—known as short sellers—will likely be liquidated by tomorrow. Confident in his forecast, Bitlord even challenged community members to screenshot his bold claim and check later to see if it came to fruition.
“When it comes to XRP, I’ve never been wrong,” he proudly declared. In parallel, he urged market participants to buy XRP now or risk missing out on the current low prices.
At press time, XRP trades at $2.24, a 2.2% discount from the higher price it sold the day before. This decline has further worsened its weekly performance, showing a negative growth of 4.2% over the last seven days.
While Bitlord is confident that a price reversal could happen as soon as tomorrow, he provided no explanation for the factors driving his optimism about XRP’s price action heading into the weekend.
However, there is a significant event that could influence market movements: a record $14 billion worth of Bitcoin options will expire on Deribit this Friday.
Record $14B Options Expiry from Bears
This expiry, the largest ever on the exchange, has drawn attention due to its potential to trigger a market reaction. The put-call ratio for these Bitcoin options stands at 0.69. This indicates a relatively higher open interest in calls, which suggests that the market is positioned for bullish sentiment.
If Bitcoin experiences volatility during this event, it could trigger a similar reaction in XRP, potentially contributing to the price movement Bitlord anticipates. However, this remains speculative and unconfirmed.
Another potential reason for Bitlord’s optimism is XRP’s tendency to experience bull runs over weekends.
XRP Previous Weekend Bull Runs
In November, the asset saw significant price increases during weekends while consolidating during the week.
For instance, on Thursday, November 7, XRP traded at a low of $0.5384, but by Monday, November 11, it had risen to $0.63. While it continued its upward momentum during the week, it faced pullbacks.
Accordingly, XRP traded at a low of $0.6844 on Thursday, November 14, but broke the $1 mark by the weekend, eventually reaching $1.25 by Saturday, November 16.
After a brief consolidation, XRP’s bull run resumed the following weekend, reaching $1.62 on Sunday, November 23. XRP broke the $2 range during the subsequent weekend, maintaining the trend into the week before ultimately losing momentum, topping out at $2.90 by December 3.
Critics Disagree with XRP Weekend Bull Run
While Crypto Bitlord is confident that a turnaround is imminent this weekend, other market watchers are skeptical.
One commenter challenged Bitlord, stating that his short position would remain intact every Friday for the next three months. This suggests he does not believe an XRP bull run will emerge anytime soon.
This critic even predicted a major XRP sell-off on January 1, opposing the widespread belief that the first week of the year could be promising for the fourth-largest altcoin.
I will show you my short perfectly intact every Friday for the next 3 months if you would like. Ripple dump coming up on the 1st… be prepared.
— CUTN Crypto (@CUTNCrypto) December 25, 2024
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.
