XRP is the altcoins that saw a massive price explosion during the past week, among other digital assets.
At the moment of writing this article, XRP is trading in the green, and the coin is priced at $0.467844. The digital asset is up by more than 6% in the past 24 hours.
XRP heading towards $2?
Now, it’s been revealed that a popular crypto analyst is tracing XRP’s next move following big weekend breakout.
Michaël van de Poppe just said on Twitter that XRP has a long road ahead before it can come close to $2.00.
XRP hitting $2 has been a prediction of more analysts who believed that the coin could reach this number in the next bull cycle.
$XRP Hits New Yearly High At $0.37, Is $2 Next?
Full analysis here:https://t.co/EPBC3QcZrN
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— Michaël van de Poppe (@CryptoMichNL) November 21, 2020
He also said that before traders can expect such a move, XRP has first to prove that it can turn the $0.3 resistance mark into support.
He said that XRP’s rise marks the digital asset’s first higher high since the bear market that began back in early 2018.
“What you want to see and what you often see with XRP is a sharp run-up and correction, sharp run-up, correction. That’s why I’m getting a little bit cautious on the moves of XRP at this point. You generally want to see that it regains the previous support…” he said.
He continued and said: “We broke through, and now we want to see this support-resistance flip [at $0.30] occur.”
XRP could hit $0.55 in 2021
He also believes investors should look for a rally to the $0.55 mark early next year.
“If we flip that, we can make another higher low, and we are going to target a new higher high in the next quarter, and I’m expecting the next happy altcoin season to occur between January and March or April,” he said as cited by the Daily Hodl.
He concluded: “That next upwards run will probably take XRP towards the next resistance zone to $0.55 or $0.65.”