Cryptocurrency XRP should not be discounted, it can still please hodlers with a powerful rally, according to popular analyst Michael van de Poppe.
The SEC’s claim against Ripple has been carried out for almost a year. The lawsuit was filed at the end of December 2020, after which XRP crashed three times and cost $0.21 on December 31, 2020. However, it turned out that the court was ready to investigate the case fairly, many court decisions were made in favor of the plaintiff. On this news, the cryptocurrency rose rapidly several times. The maximum price for the year was $1.83 on April 14. Then XRP skyrocketed along with bitcoin and the rest of the market.
There were two more local highs, $1.38 on September 6 and $1.26 on November 9. After that, XRP declined, repeating the track of bitcoin. But XRP’s technical analysis looks more optimistic than the BTC chart. Michael van de Poppe states that XRP is now in the price range between $0.81 and $0.97. If this situation continues in the short term, it could cause a strong rally in the medium term. According to the expert, the Ripple cryptocurrency is ready to rise by at least 140%. He also adds:
– If these are going to hold, we’re most likely going to have a scenario like this (rally to $2.00) in which we start to break out, and these are the triggers here ($0.90, $1.00, and $1.20) … Then, we get a vertical move.
Using the Fibonacci sequence, van de Poppe suggests that the next target points are $2.87 and $4.33. This means that growth could be 420%.
Optimistic forecasts for XRP are also announced by other experts. Basically, they rely on the fact that Ripple is the only big cap cryptocurrency that has not updated its all-time high of $3.84 since the beginning of 2018. Therefore, such an update is highly likely to occur along with the next strong market rally.
Raoul Pal, CEO, and founder of crypto media Real Vision reiterated that he remains an XRP hodler and explained why. He bought XRP low after a lawsuit launched a year ago. Raoul Pal took into account two factors: that the coin has usefulness; and that the trial will end someday. The expert believes in the upcoming rise of XRP and notes:
– It’s all about this court case, right? Because the price can’t go anywhere – it got delisted from everywhere. It can’t go anywhere until it’s resolved, because the richest, most powerful country on Earth is not allowed easily to invest in it.