Ripple has been seeing a lot of success this year while boosting the whole XRP ecosystem and also pushing the mass adoption of the digital asset XRP.
XRP to see a pullback soon?
Crypto analyst Michaël van de Poppe thinks that Ripple’s native token XRP is ripe for a pullback after tapping a major resistance area.
He told his followers on Twitter that he’s looking for a retracement of over 27%.
It seems that he doesn’t expect XRP to take out a key level of resistance in the short term.
He said that XRP would have to break through a major barrier at around $0.32 to trigger the next big move to the upside.
Buy the dip zones: $0.212 and $0.245
Next resistance zone if this massive one breaks: $0.40.
I doubt we’ll continue rallying, but I will be very satisfied to buy the dip. pic.twitter.com/Cg94aqj4se
— Crypto Michaël (@CryptoMichNL) August 6, 2020
A follower responded with: “No way it will dip that much… see the bigger picture… the last one was due to corona… the worst pandemic in human history. Why the hell would it go down… I expect a small correction and then to the moon.”
At the moment of writing this article, XRP is trading in the green and the coin is priced at $0.299041.
Another important analyst agreed with Poppe and said that XRP’s rally on August 11th was a bull trap. He’s expecting to see a 15% correction.
— Cheds (@BigCheds) August 12, 2020
In other news, it’s been revealed that Ripple is planning to expand the use case a lot beyond streamlining cross-border payments while teaming up with various banks.
Brad Garlinghouse said they want to make Ripple the Amazon of the crypto world.