Bitcoin analyst Muro stands out as a name that has made a name for itself in the financial world. Muro, known for its successful investment strategies in the past, excited cryptocurrency investors by announcing that it has taken an important position in XRP in its recent investment portfolio. After an impressive 37% ROI on his previous transaction, Muro’s interest and expectations for XRP are growing.
Muro made it clear that he normally rarely comments on XRP. However, XRP’s recent striking performance and rare price increases have attracted experienced analysts to this digital asset again. Muro considers this to be an important turning point, especially regarding XRP’s breakout from last month’s downtrend line, and believes that this breakout could create positive momentum for the asset. Here are the details…
New Long Position for XRP
According to Muro’s analysis, a similar short-term bullish pattern appeared on the XRP chart, causing the analyst to see a glimmer of hope for positive trading results. In particular, the Bitcoin analyst launched a new long position for XRP. explained. The entry point he determined for this position was approximately $0.621.
Muro shared his decision on social media platforms, along with a graphic supporting it. The chart aims to guide investors by analyzing the current situation and possible future price movements of XRP. With this long position, the analyst aims to make a profit from XRP at a price threshold of approximately $0.654.
“Last time I mentioned XRP, I had success with a long position. It looks like it will rise from here now. Now I opened long (again).”
Although Muro’s analysis pointed to an impending 5% price increase, he refrained from specifying a timeline for the rally to occur.
On the other hand, Muro stated that he made a 37% profit from his previous attempt to open a long position, when XRP exceeded $0.6270 from the entry point of $0.6184. reported.
It is worth noting that he entered the XRP long contract with 25x leverage. This explains why the percentage return increased due to the small price change in XRP.
Assuming Muro enters a new long position with a similar 25x leverage, XRP could gain another 130% once it reaches its target of $0.654.
At press time, XRP is trading at $0.6169, up slightly by 1% in the last 24 hours.
You can follow the current price movement here.
Source : the crypto basic