A popular crypto analyst is pursuing XRP’s next move after its big weekend breakout.
Michaël van de Poppe tells His 85,000 followers on Twitter that XRP has a long way to go before it can get closer to $ 2.00, which some analysts have been predicting for the next extended bull cycle.
Before traders can expect such massive moves for the fourth largest cryptocurrency, Van de Poppe says XRP must first prove that it can convert resistance at the $ 0.30 level into support.
He notes that XRP’s surge to its current price of $ 0.43 represents the digital asset’s first higher high since the bear market that began in early 2018.
“What you want to see and what you often see with XRP is a sharp run-up and a correction, a sharp run-up, a correction. Because of this, I’m a little cautious about the movements of XRP at this point. In general, you want to see it regain its previous support …
We broke through and now we want to see this support resistance flip [at $0.30] occur.”
If XRP is able to cement new levels of support, Van de Poppe believes investors should aim for a rally to the $ 0.55 mark early next year.
“If we turn that around, we can make another higher low and we will aim for a new higher high in the next quarter. I expect the next happy altcoin season to happen between January and March or April.
This next uptrend is likely to take XRP towards the next resistance zone at $ 0.55 or $ 0.65. “
Featured image: Shutterstock / Gonin