Following a recent price drop due to the issues that the firm has with the SEC, there’s been a boost in the price of XRP during the past days.
Now, the online publication the Daily Hodl notes that two popular crypto analysts are forecasting what’s next for XRP after its big breakout.
“After the asset moved from about $0.28 on Friday to its current price of $0.66, Michaël van de Poppe says XRP could go to $1.00 or higher – but recommends traders avoid chasing the pump,” according to the online publication mentioned above.
He predicted that 95% of investors will eventually lose money by jumping in at these levels, and says anyone who wants to get in wait until it pulls back to the $0.45 to $0.55 region.
“If you want to scalp trade those rallies, use historical price action to define levels on lower timeframes,” he said.
He continued and posted this: “On XRP -> beautiful support/resistance flips grant you opportunities. Through that, you increase your risk/reward while you’re not chasing a pump.”
XRP’s chart is similar to Dogecoin
The same online publication mentioned above also brought up another analyst known in the crypto industry as Kaleo who said that XRP’s chart looks like the early stages of Dogecoin.
“It honestly looks nearly identical to the DOGE chart when it was accumulating under .014 after breaking a penny,” he said as cited by the Daily Hodl.
I think XRP breaks out of this. Set up reminds me of what XLM did recently. pic.twitter.com/uvEK1pIgCn
— K A L E O (@CryptoKaleo) January 30, 2021
He also posted this: “100% transparency, my XRP stop loss is at $0.35. 1st target price is $1.00, 2nd is $3.50, moon bag is $6. If we get there, great. If not, I’ll move on…”
He made sure to explain the following as well: “In case you’ve forgotten how this works, this is what happens when Ripple breaks out of the green accumulation zone [against Bitcoin]. It makes vertical moves. It was never available on Coinbase during any of those, and it’s always had plenty of FUD. I won’t watch from the sidelines.”
At the moment of writing this article, XRP is trading in the green and the coin is priced at $0.3774.