The 2016 winner of CME Group’s annual trading competition has announced that he is going all in on XRP despite Facebook announcing its Libra crypto project. The two projects could potentially butt heads and trample on each other’s toes, largely as their goals and missions align, but Eric Choe – a.k.a Mr Swing Trade – thinks that XRP will come out on top.
Hodling Until $2
Choe announced his intentions and brave investment strategy after the crypto world erupted in fear over the new Facebook stablecoin. There are fears that it will become the next Tether – used to control and manipulate the price of the crypto markets. That being said, Choe Tweeted in support of XRP and reassured his followers that his analysis is still holding strong, even going as far to indicate a potential price of between $2 and $4 in the very near future. At this point, Choe admitted that he would sell his entire portfolio of XRP and retire – not a bad way to go. If things don’t pan out, Choe has a stop loss at $0.28 – take note, traders!
Ripple Locking in New Partners
Choe looks like he is onto a winner here, no matter the rumors over Facebook’s Libra crypto. In just over a month, Ripple allegedly signed up 14 new partners to RippleNet – taking the new tally of partners well above the 200 mark. The good news doesn’t end there. Last week, Ripple announced that it’s opening an office in Brazil to help secure more partners from South America and keep a finger on the beating pulse of crypto in the region. This is all incredibly positive news, but sadly the positive news doesn’t always translate into positive price movement. Every time Ripple lands a new partner, it unlocks XRP from escrow, causing the value to drop a little bit. Once Ripple is all out of XRP, the value will start climbing, making Choe’s prediction of $2 to $4 very reasonable.
Choe is considered one of the smartest investors around at the moment, as he has won against the markets time, time, and time again. If there is any investor opinion you should be listening to at the moment, it should be Choe. While we don’t advise you put your entire portfolio into XRP, it’s always good practice to hedge your bets and keep a portion in XRP – just in case. Hopefully, Mr Swing Trade can pull another win out of the bag.