Michael XBT, a widely followed market psychologist and chart expert, has warned that the crypto community may be facing its last opportunity to buy XRP at a low price.
In a tweet on Friday, Michael reminded crypto enthusiasts how he had previously called for buying XRP at favorable entry points over the years, which turned out to be successful recommendations.
Historical Calls to Buy XRP at a Discount That Proved Fruitful
Specifically, he highlighted that he had urged investors to buy XRP when trading at $0.30. Notably, XRP was last seen in the $0.30 range in the third quarter of 2022, and its value has since expanded nearly nine-fold.
Similarly, Michael noted that he had also advised investors to load up on XRP when selling at $0.50. He made this call in July 2024, predicting that XRP was on the brink of a historic breakout that would reverse seven years of losses.
However, the breakout did not happen until four months later, in November 2024. XRP’s price remained in the $0.50 range until the first week of November 2024, when the trend changed.
By the second week of November, XRP had reclaimed $1 and has not traded below that level since. It later reached its 2021 high of $1.96 before surpassing the $2 mark in the first week of December 2024.
Michael added that during this historic price movement, he had made another public call to buy XRP at $1.30. At the time, some investors believed XRP above $1 was already too expensive. However, Michael saw it as a good entry point, predicting further upside potential. XRP then went on to reach a seven-year high.
Last Chance to Buy XRP Under $3?
Since XRP hit $2.90 in early December, it has experienced strong bearish momentum, causing its price to dip back to $1.90 on three occasions. Currently, XRP has been in a consolidation phase for over four weeks, mostly trading between $2.00 and $2.40.
Now, Michael believes market participants might be facing their last opportunity to buy XRP under $3. “This might be your last chance to buy before the next leg up,” Michael tweeted.
He specifically projects that XRP could rally to $5 before another accumulation phase occurs.
At the time of writing, XRP is trading at $2.34. If XRP reaches $5, as suggested, those buying at current levels would see a substantial 114% upside.
Several other market analysts share similar sentiments about XRP’s potential. Many expect XRP’s next target to be in the $4 to $5 range when the bull run resumes.
However, some analysts have also pointed out that XRP may need to revisit lows near $2 before this run begins. According to them, this could serve as the launching pad for a move to higher levels.
$XRP offers two potential entries. The first is the rising trendline of the pennant, at $2.05. The second is a breakout outside of the pennant, at $2.50.
Regardless of your entry, the target remains $10! pic.twitter.com/chpPehzUq7
— Ali (@ali_charts) January 9, 2025
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.
