On 27 July 2024, the popular pseudonymous crypto analyst “Crypto Michael” took to social media platform X to share his bullish outlook on XRP.
Crypto Michael emphasized his previous successful trade where he converted $250,000 worth of Bitcoin into XRP when Bitcoin was above $60,000. Within a month, this investment grew to $1 million. He attributed this success to his technical analysis and expressed confidence in predicting a similar upcoming pump for XRP.
Michael suggested that XRP could experience a substantial price increase soon, drawing parallels to his past successful trade. He mentioned a conservative target of $2 for XRP but hinted that the price could rise much higher, particularly due to a technical pattern known as a “pennant” that has been forming over seven years. A “pennant” is a continuation pattern in technical analysis that typically forms after a strong price movement, followed by a period of consolidation with converging trend lines. Once this pattern breaks, it often leads to another significant price movement in the same direction as the initial trend.
Michael underscored the potential profitability of his prediction, highlighting the gains investors could realize if XRP were to quadruple in value over a few weeks. His posts aimed to attract attention from those seeking substantial short-term gains.
As of the latest data, XRP is trading at approximately $0.5983, showing gains over various periods:
- Up 0.2% in the past 24 hours
- Up 0.9% over the past seven days
- Up 10.9% over the past 14 days
- Up 26.4% over the past 30 days
This upward trend aligns with Crypto Michael’s bullish outlook, indicating a growing interest and positive sentiment in the market.
Looking at the one-month XRP-USD price chart, several key observations can be made:
- Upward Momentum: There has been a strong upward trajectory from early July, particularly noticeable from 8 July onwards, aligning with bullish market sentiment.
- Support and Resistance Levels: The chart shows a strong support level of around $0.41 and resistance near $0.60 to $0.63. Breaking through the resistance could lead to further gains.
- Trend Patterns: The price movements suggest a bullish trend with higher lows and higher highs, indicating positive momentum.
Featured Image via Pixabay
