Newton Gitonga
Ripple’s XRP endured a significant slide, losing over 11% of its value in the previous 24 hours to trade below the crucial barrier at $0.40.
While the slump catalyzed worries about the altcoin’s future, XRP advocate Bill Morgan remained bullish, capitalizing on the opportunity to acquire more tokens at discounted prices.
Morgan’s strategic move matches predictions by a renowned analyst, EGRAG CRYPTO, who expects an over 7,600% explosive surge from XRP.
Lawyer buys XRP at discounted prices
Bill Morgan revealed that he acquired more Ripple tokens amidst the ongoing price dip “at just over $0.40.”
The purchase comes as the altcoin struggles to maintain the vital support at $0.40, with bears threatening more plunges.
The pro-XRP lawyer remains positive, taking the declined prices as dip-buying opportunities.
He also plans to buy more Ripple coins if prices dip to $0.375. That showcases Morgan’s confidence in the crypto’s future potential.
Moreover, the move underscores how leveraging lower prices could be strategic in long-term profitability.
Bill Morgan has supported XRP in various scenarios, especially in the ongoing legal battle with the US SEC.
He recently slammed the regulator for favoring Ethereum over Ripple.
Meanwhile, analysts expect a massive price jump from the remittance token.
XRP to explode to $27
While the community tries to remain optimistic amid bearish prices analyst EGRAG CRYPTO anticipates massive rallies from XRP.
He highlighted that the token’s current actions placed it within a 7-day symmetrical triangle.
The pattern began in 2017 following bullish price moves that propelled XRP to new $3.31 ATHs in Jan 2018 before correcting.
The altcoin has traded inside the symmetrical triangle for the past seven years.
EGRAG revealed that XRP saw a similar setup between 2013 and 2017.
The token exploded by over 7,600% after breaking beyond the symmetrical triangle’s top trendline, hitting $0.3988 as of May 2017.
The analyst expects XRP to record a similar performance after breaking out from the current symmetrical triangle.
Such a move would propel the token from its current price towards $27.
Nevertheless, that could take time as he altcoin traded bearishly at press time. XRP hovers at $0.4055 and the upside path appears challenging.
Nevertheless, bearish sentiments, triggered by Mt. Gox and the German government, dominate the crypto market at the moment.
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