- December 8, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Popular Bitcoin and crypto analyst Muro has joined the XRP bandwagon, predicting a ‘now or never’ moment to go long on the XRP price. The crypto has had a flurry of activities over the past few months, with various predictions coming on the crypto’s direction before the end of 2023 and in 2024. However, it had gone unnoticed by Muro until the last week of November when he noted a price breakout.
Technicals Signal A Breakout
The XRP price appears to be on the verge of exploding from a technical standpoint. Crypto analyst Muro initially made his stance on XRP known in a social media post on November 23, when the crypto broke above the $0.6 region after days of consolidation.
According to him, XRP’s breakout resembled that of ETH and SOL and is ready to continue on this movement with or without testing the consolidation low of $0.58. Although Muro didn’t mention a long-term price target for the breakout, a look through the price chart he shared indicated a target around the $0.8 region.
Muro shared an update on the trade on December 5, indicating he bought with a tight stop below the crypto’s recent lows. However, a recent update by the analyst showed the crypto has largely consolidated since then. He noted that XRP appears to be putting his patience to the test, but technical analysis continues to indicate a ‘now or never’ moment.
$XRP typically testing patience again since last night’s entry, I usually don’t trade this coin but TA wise it said to me that now or never, let’s see https://t.co/VQbrZtmQ0B pic.twitter.com/uPAk9Q03xd
— Muro (@MuroCrypto) December 6, 2023
Is A Breakout Really In The Books For XRP Price?
A look through various timeframes shows different sentiments around the asset. The XRP price is still in a wider consolidation period, which began in the last two weeks of November following months of price rise, as evidenced by a negative 5% in a 30-day timeframe. However, Muro’s technical analysis resonates with a larger part of the crypto industry, as many analysts have predicted a breakout for the price of XRP.
At the time of writing, XRP is trading at $0.6429. The crypto seems to be making progress in December, up by 5.25% since the beginning of the month. Coincodex’s Fear & Greed Index points to a 72 greed on the scale, indicating bullish sentiment is still in control.
Popular XRP analyst ERGAG CRYPTO predicted an imminent XRP price breakout towards the $1.30 to $1.50 range using the 0.5 Fibonacci level. Another crypto analyst known as Jaydee puts a longer-term price target of $20 in the next year.
The XRP price is on its way to overtaking BNB and becoming the fourth-largest crypto by market cap. At the time of writing, XRP has a market cap of $34.6 billion and is less than $1 billion away from surpassing BNB’s market cap of $35.5 billion.
