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Prominent XRP figure Tony Edward has disclosed his latest short-term target of $1.35 for XRP in the emerging bull run.
Tony Edward, the host of Thinking Crypto Podcast, known for his pro-XRP views, recently disclosed his new venture into the XRP market.
In a post on X, Edward revealed that he entered a trade outside his usual long-term XRP holdings to capitalize on the fast-growing altcoin market.
Specifically, Edward disclosed initiating a fresh XRP position at the $0.55 mark. The focal point of his disclosure was establishing a limit sell order for the XRP position at $1.35.
In particular, the action signals his firm belief that XRP will soon surpass the $1 threshold.
Outside of my longterm hold bags, I took a nice spot position on $XRP last night at $0.55 and have my limit sell order at $1.35 with stop losses set of course. Liquidity has been flowing from BTC to Alts and XRP's turn is coming soon 😈🚀🤑
FYI, you can make money swing trading…
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) February 27, 2024
Liquidity to Flow to XRP
Edward’s optimism stems from his observation that liquidity appears to be shifting from Bitcoin to altcoins.
Notably, Bitcoin’s’ insane rallies breaking 2021 highs have encountered slight resistance, with the asset trading below $64k, having claimed the threshold two days ago. Essentially, Bitcoin now appears to be consolidating around the $62k mark.
Through its brief stabilizing periods, the altcoin market has moved to steal the spotlight from Bitcoin, with many tokens printing more significant growth rates than BTC.
Considering the trend, Edward expressed confidence that the XRP’s’ turn for a bullish rally was approaching.
Interestingly, CoinMarketCap statistics show that XRP has reached a height of $0.6244 within the last 24 hours. This reflects a 13% gain from Edward’s $0.55 entry point, confirming his conviction in XRP’s rally.
Meanwhile, the XRP figure disclosed setting stop-loss at strategic positions to mitigate losses in a scenario where his bullish forecast potentially meets resistance.
Besides, Edward cautioned XRP enthusiasts against initiating leveraged positions due to the magnified risk associated. “You can make money swing trading; [you] don’t have to use leverage,” he warned.
Reacting to his disclosure, an X user endorsed the move, noting that his $1.35 is optimal. “This is where the money is for most,” they remarked.
Additionally, the commenter challenged the views of those aiming for loftier highs, such as $10, implying that such targets are unrealistic. “Small victories add up, too,” the commenter submitted.