A longstanding Bitcoin investor has proclaimed that XRP is set to bounce upward after a protracted downtrend.
In a recent post, X user “@MichaelXBT,” a professional trader who has been a Bitcoin investor for a decade, issued a bullish forecast for XRP. Specifically, Michael expressed his anticipation for XRP’s upcoming movement by stating he expects the asset to “bounce soon.”
I’m expecting $XRP to bounce soon ? pic.twitter.com/QBwLoJ8wdi
— Crypto Michael (@MichaelXBT) February 2, 2024
Supporting Factor
Accompanying the analyst’s tweet was an XRP chart on the one-day timeframe sourced from the charting platform TradingView. The chart depicted that XRP has been on a downward spiral since December 2023.
However, the graph indicates that over the past eight weeks, the opening and closing candlesticks of XRP on the one-day timeframe have gradually converged, as the patterns are now lower compared to earlier weeks.
This observed trend has formed the foundation of the Bitcoin investor’s bullish outlook on XRP.
Meanwhile, some market participants have voiced skepticism regarding XRP’s ability to pull off a bullish stunt. They label the asset a “garbage” coin.
In response to this perspective, Michael pointed out that when XRP experiences a surge, it does so rapidly and forcefully before retracting its gains. He suggested that the perception of XRP as “garbage” is only applicable to those who hold the asset.
When Xrp pumps it pumps hard and fast then gives it all back. It’s only garbage if you’re a holder.
— Crypto Michael (@MichaelXBT) February 2, 2024
On the other hand, some commenters sought clarification regarding whether the Bitcoin investor had opened long positions in XRP, aiming to ascertain his entry point and potential exit strategies.
On-Chain Data Suggesting XRP Impending Rebound
Meanwhile, reputable market intelligence platform Santiment has disclosed on-chain metrics suggesting XRP could soon be experiencing a bullish rebound. The Crypto Basic has called attention to the development in a recent report.
One key indicator was that XRP whale transactions reached a seven-month high on January 31, with 217 transactions exceeding $1 million each.
Additionally, Santiment reported that it observed no signs of panic actions from XRP whales.
Furthermore, it highlighted that wallets holding over 10 million XRP now command 67.2% of XRP supply. Notably, this percentage represents the highest figure since 2022.
Consequently, Santiment asserted that XRP stands out as one of the leading candidates for a rebound.