XRP has recently become the focus of prominent market observers, with Muro, a well-known Bitcoin (BTC) analyst, joining the ranks of those expressing sustained interest in the cryptocurrency.
After months of overlooking XRP, Muro’s revived fascination with the asset became apparent in late November, following its impressive 5.55% intraday surge on Nov. 22. Confirming XRP’s breakout from a downward trendline and hinting at an impending uptrend, Muro projected an imminent rally that could propel XRP to a $0.80 price target.
Revitalized Enthusiasm for XRP
Despite offering a positive outlook, Muro refrained from providing a specific timeline for the anticipated rally. As XRP consolidated in the subsequent weeks, investor optimism waned due to its lackluster performance. Undeterred, Muro maintained his optimism, as reflected in his recent reports on XRP.
In a post dated Dec. 5, the analyst reiterated his bullish stance, emphasizing XRP’s readiness for a potential “pump.” Notably, he disclosed initiating a buying position in XRP with a close stop-loss order strategically placed just below recent low values to minimize potential losses in case of an adverse market move.
Providing an update on his trade, Muro revealed a 37% profit as XRP surpassed the $0.6270 threshold. He highlighted XRP’s consolidation and challenges to traders’ patience despite the encouraging profit.
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“Now or Never” Opportunity
Muro, who typically does not show interest in XRP, emphasized that the current price position of the asset has convinced him that the time to capitalize on its potential rally is “now or never.”
Muro recalled a similar scenario when comparing the current consolidation to that on the 1-hour chart in October. In October, XRP traded sideways between $0.5090 and $0.5355 for three days after breaking above the $0.50 resistance. The consolidation tested market participants’ patience, culminating in a breakout that saw XRP reach $0.7277 on Nov. 6.
Interestingly, since Muro’s latest disclosure, XRP has increased by 1.62% within the last 24 hours while trading at $0.6409, aiming to reclaim the $0.65 territory.