Cryptoanalyst Predicts Colossal Spike in XRP A well-known c | DeFi Protocol

Cryptoanalyst Predicts Colossal Spike in XRP

A well-known cryptoanalyst thinks XRP and bitcoin could make an unexpected surge as the cryptocurrency markets continue to correct.

Sgurto told his 209,000 followers in a new tweet that he foresees a massive bounce in XRP just as market participants become as bearish on their own asset, Ripple.

A short squeeze occurs when traders who have opened shorts counting on a rapid decline are forced to buy the asset to avoid large losses, which causes the price to rise.

Credible Sgurto pointed out that shorts on XRP are at an all-time high on Bitfinex, while the token is hovering above a key support level, hinting at an early short squeeze.