XRP has been declining steadily since August. The structure has been clear on the charts. Now, Crypto Michael (@MichaelXBT), a well-known analyst and early Bitcoin investor, is capitalizing o
Summary
- He has been tracking the asset’s price action across two distinct descending channels since August, and his analysis has proven correct.
- “Hedged my XRP long position from $1 with a short position here at $1.30,” he wrote, adding a stop loss at $1.35.
- Two days later, the trade closed at $1.22, after the Binance hack caused a notable market-wide decline .
- Toward the end of that month, XRP experienced another breakout , pushing above the channel to a high of $1.65.
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