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Kriptoteka > Market > Bitcoin > Bitcoin Bull’s Big XRP Purchase: What’s Behind the Move?
Bitcoin

Bitcoin Bull’s Big XRP Purchase: What’s Behind the Move?

marcel.mihalic@gmail.com
Last updated: September 18, 2024 9:00 am
By marcel.mihalic@gmail.com 3 Min Read
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TL;DR

  • The CEO of BecauseBitcoin has made significant investments in XRP, citing specific technical analysis as the basis for his decision.
  • XRP’s NVT ratio has decreased to approximately 125, which is deemed undervalued, potentially supporting future price appreciation.

Change of Perspective

The X user Max (CEO and founder of the crypto analysis platform BecauseBitcoin) recently joined the Ripple (XRP) movement as an investor. The executive disclosed acquiring “a significant amount” of XRP tokens based on the appearance of a specific chart.

Max has promised to publish a dedicated video explaining the technical analysis that influenced that decision.

“Never would I have believed this would be the situation… but the chart is always truthful,” they remarked.

Many X users applauded Max’s choice to invest in the XRP ecosystem. MandoCT (a well-known trader with nearly 500,000 followers on the platform) stated this is “a straightforward trade to $1.50-$1.90.”

Max expressed an even more positive outlook, responding to a comment that he anticipates a surge up to $5 next year.

Other analysts with a hopeful vision for XRP’s future include Mikybull Crypto and EGRAG CRYPTO. The former believes the latest chart for the asset resembles the one seen in 2017, which preceded a significant bull run.

“Analysts describe this chart as a technical time bomb waiting to go off,” said the enthusiast.

EGRAG CRYPTO outlined five potential scenarios for an XRP price increase. The targets range from $3 to a significant surge of $27.

“My color choice? I’m selecting ALL of them! I’ll liquidate smaller portions at each critical target. Let’s avoid repeating the same mistakes from the last cycle. In the previous cycle, I sold around $1.85 and repurchased around $1 thinking we’d surpass the new high (above $1.96). Lesson learned – this time, we are PREPARED,” the analyst noted.

Breaking Free from Overvaluation

A crucial aspect to consider when prognosticating XRP’s future market behavior is the NVT (Network Value to Transactions) ratio.

This metric evaluates the relationship between market capitalization and the value of transactions occurring on the blockchain. A high ratio indicates the asset may be overvalued, potentially suggesting a price correction is on the horizon.

Although the NVT spiked considerably towards the end of August, it has been declining ever since. At present, the ratio is at about 125, which is generally regarded as undervalued territory.

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