Cryptocurrency analyst and trader Michaël van de Poppe is analyzing what XRP has in store price-wise going into next year.
XRP is trading at $0.83 at time of writing and is up 3.77% in the past 24 hours. The eighth-ranked crypto asset by market cap is down nearly 40% from its 30-day high of $1.35.
Van de Poppe tells his 153,000 YouTube subscribers that he’s watching the price area roughly between $0.81 and $0.97. If the open-source digital currency can hold those levels, it puts XRP in a position to ignite a strong 140% rally.
“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.”
From there, Van de Poppe uses a Fibonacci extension tool to indicate that XRP’s next target points are $2.87 and $4.33. Should XRP follow Van de Poppe’s script, the altcoin can potentially rise over 420% from current prices.
The analyst notes in the comments section of his YouTube video that he made those price predictions before XRP’s value crashed over the weekend. However, he says his predictions have not changed.
Overall, Van de Poppe tells his 521,800 Twitter followers that he isn’t bothered by the bearish sentiment in the crypto markets right now.
“The fear hasn’t been so low since May’s crash.
The sentiment is literally comparable to a funeral. I like it.”
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Bryan Vectorartist