Mando CT, a well-known Bitcoin trader, has revealed that he is buying XRP tokens on a large scale in anticipation of a significant price increase.
He recently shared this strategic decision in a post on X, highlighting that XRP is preparing for a major breakout.
In his post, he points out a large bullish pattern. Once XRP breaks out of this pattern, there is a high probability that the price will rise significantly. He expects that when this breakout occurs, the price of XRP will rise in a parabolic manner.
Besides the expected breakout, there are two other factors that reinforce Mando’s bullish view on XRP.
XRP Forms Bullish Divergence
First, he pointed out the formation of a bullish divergence on XRP’s chart. This occurs when a price indicator, such as the Relative Strength Index (RSI) or the Moving Average Convergence Divergence (MACD), shows decreasing bearish momentum despite the current price movement. This signals that the downtrend is losing strength and that a bullish reversal may be imminent.
Settlement is good news for Ripple
Additionally, the Bitcoin investor noted that Ripple is on the verge of settling a $125 million fine with the SEC. He believes that once the settlement is finalized, XRP will “go up significantly.”
Notably, early last month a federal court approved a $125 million fine against Ripple for violating federal securities laws when selling XRP to institutions. The ruling ended a legal battle that began nearly four years ago and that many have said has hindered XRP’s price performance. Following the ruling, XRP initially rose but quickly lost momentum from further price increases.
Despite this, Mando remains confident that XRP can rise again once Ripple has paid the fine. From there, he believes the price can rise significantly.
Interestingly, Ripple has three days left to pay the fine and the company has reserved 200 million XRP, worth approximately $114 million, from the September escrow release.
XRP price could rise by 252%
Crypto trader Mando has set a $2 price target for XRP ahead of an expected price surge. With XRP’s current trading price at $0.5672, reaching $2 would mean a 252% return for today’s buyers.
While Mando CT sees $2 as his personal upper limit for XRP, he doesn’t rule out the possibility of the price rising further.
Following his optimism, one commentator noted that XRP has been underperforming for quite some time and asked why he is so bullish on the asset now. Mando CT explained that the legal issues surrounding Ripple have been resolved and that the fine is the last hurdle before XRP can rise.
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Source: https://newsbit.nl/bitcoin-investeerder-ik-koop-zoveel-mogelijk-xrp-verwacht-parabolische-stijging/
