thecryptobasic.com
An XRP trader recently projected a potential XRP price surge to the $1.13 level, declaring that he could make $105K by riding on this anticipated price uptrend.
XRP has exhausted the latest recovery momentum which saw it soar to a 10-day high above $0.57 on April 22. Notably, this recovery push faced a massive roadblock as XRP hit $0.5715 that day, a price level which aligned with the resistance at the 50-day exponential moving average (EMA).
XRP on a Rollercoaster Ride
As a result, XRP shed off some of the gains of the recent rebound yesterday. Despite the bearish turn of events, a pseudonymous trader asserted on X that the current market conditions present an opportunity to enter the XRP market, with substantial gains in mind.
$XRP — $1.13 from here is ONLY a 106% move from current levels. I'm going to take $4k of capital and turn this in to about $105k returns on that trade alone. I will show you my trade receipt when complete. Ask me if I give a damn about $589 or any other nonsense. Lulz! pic.twitter.com/3zHdwwxpIP
— MissileTits (@SurSugarTits) April 23, 2024
In an accompanying chart, he showed that XRP has been trading above an upward trendline since at least June 2023. However, during the April 11 to 13 price crash, XRP broke below the upward trendline. For context, this drop saw it collapse by 24% in three days below the $0.50 psychological threshold.
However, XRP leveraged the subsequent recovery attempt, which picked up on April 20, the day of the latest Bitcoin halving, to recoup some of the losses. Amid the campaign toward a rebound, the crypto analyst expects XRP to secure a 106% upsurge from the current position to the $1.13 price.
Notably, the last time XRP witnessed the $1.13 price territory was in November 2021, during the previous cycle’s bull run. An attempt to reclaim this price level came up last July after XRP gained legal clarity, but the bears foiled this move when XRP touched $0.9380 on July 13.
Trader Looks to Make $105K with $4K
The trader believes this second upcoming attempt would yield results, demonstrating his confidence by putting $4,000 capital on the line. According to him, he plans to turn this $4,000 initial investment to $105,000 amid the projected XRP upsurge, promising to share screenshots when he reaches his goal.
However, a $4,000 investment in XRP at the current $0.55 price would cup 7,272 tokens. If XRP rises to $1.13, these 7,272 tokens would only be worth $8,217. The trader’s intent to push these assets to a worth of $105,000 suggests he plans to use leverage trading, specifically at 13x, which would boost his initial capital to $52,000.
It bears mentioning that leveraged positions such as this can be riskier than typical investments. As a result, investors should not consider this investment advice, nor attempt to take a similar position based on this report. There is no guarantee that XRP’s journey to $1.13 would come without turbulence.
Interestingly, crypto market analyst Block Bull shared similar sentiments in a recent post, projecting XRP to push toward $1.06 in a measured move from the current position. However, the market watcher expects a subsequent retracement to the $0.66 – $0.74 range following this rally.
How I expect $XRP to play out here if we do a measured move of the recent range.
tap $1.06 retrace between $0.66 – 0.74 👍 pic.twitter.com/hpEFK4UPLC
— 📈BLOCK BULL📈 (@TheBlockBull) April 23, 2024
XRP currently trades for $0.5483, down 12.87% this month despite the recent recovery campaign. The Crypto Basic noted yesterday that whales have continued to procure more XRP amid the downturn, cupping 600 million tokens since April 5. In addition, wallets holding at least 1 million XRP have continued to increase.