Zinger Key Points
- Rapper Snoop Dogg has been a vocal supporter of cryptocurrencies since 2018.
- Crypto trader warns of a sell signal for XRP, citing a broader altcoin downturn amid economic uncertainty.
- Get 5 stock picks identified before their biggest breakouts, identified by the same system that spotted Insmed, Sprouts, and Uber before their 20%+ gains.
XRP XRP/USD has been a known commodity among celebrities for years. One of the earliest adopters of XRP fame? Snoop Dogg.
What Happened: In May 2018, Snoop Dogg performed at an XRP-themed event, sparking speculation about his involvement with the token.
The crypto community speculated whether Snoop would endorse XRP, but the rapper made no public statements about holding or promoting the asset.
Ripple also clarified that he was not paid in XRP for the performance.
This wasn't Snoop Dogg's first interaction with crypto:
- 2013: He tweeted, "My next record available in Bitcoin BTC/USD n delivered in a drone."
- 2021: After Robinhood launched Bitcoin and Ethereum ETH/USD trading, he jokingly said, "Putting tha Crip in Crypto!"
- 2022: In a July CNBC interview, he expressed interest in NFTs and the ownership benefits of digital collectibles and not only become a marketing tool. For the then drawdown in crypto markets, he said that it was just the "weeding" out of all the people that are not supposed to be in the space.
- 2023: He showcased a custom golden Ledger Nano X wallet, designed by Eliantte & Co.
If You Bought XRP Every Time Snoop Talked Crypto…
In 2018, when he appeared at the XRP event, prices remained as low as $0.7389.
When the rapper spoke about crypto in 2021, XRP had already spiked to $1.0969 generating a return of 48%.
In total, XRP has delivered a 193.7% return since 2018. The rally is driven by multiple factors like a potential XRP ETF, rising institutional adoption and Ripple's business development.
What's Next: Crypto chart analyst Ali Martinez noted the TD Sequential indicator flashing a sell signal on the 2-week XRP chart, implying an impending correction. The indicator has reflected high accuracy in XRP prediction since 2022, according to the analyst.
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