Longstanding Bitcoiner Confirms XRP Ready for Upward Rebound

Experienced Bitcoin investor predicts a potential upward movement for XRP following a prolonged period of decline. In a tweet, user @MichaelXBT, who has been trading Bitcoin for ten years, expressed optimism for XRP’s future, stating that he expects the asset to bounce back soon. The tweet was accompanied by an XRP chart depicting a converging pattern in the opening and closing candlesticks over the past eight weeks, leading the investor to conclude that an upward rebound may be imminent. Despite skepticism from some market participants who consider XRP a “garbage” coin, Michael argued that when XRP experiences a surge, it does so rapidly before retracing its gains, suggesting that the negative perception only applies to those who hold the asset. On-chain data from Santiment also supports the potential for a bullish rebound, with XRP whale transactions reaching a seven-month high and wallets with over 10 million XRP holding 67.2% of the supply, the highest since 2022. Based on these indicators, XRP is seen as one of the leading candidates for a rebound in the cryptocurrency market.