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Crypto Analysts Predict XRP Is About to Plummet – Here’s What Could Trigger Next Big Rally

August 14, 2020

Crypto analyst Michaël van de Poppe thinks that Ripple’s native token XRP is ripe for a pullback after tapping a major resistance area.

The trader, also known as Crypto Michaël, tells his 69,000 followers on Twitter that he’s looking for a retracement of over 27%, as he does not expect the third-largest cryptocurrency to take out a key level of resistance in the short term. He says XRP will 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.”

Another widely-followed analyst agrees. Trader Cheds tells his crew of 79,000 followers that XRP’s rally on August 11th was a bull trap. He now expects the crypto asset to correct by more than 15% in the near term.

“XRP Ripple (USDT) update – breakout was a ‘False move.’ 25 cents seems reasonable, lower range of high wave spinning top #TheStandard.”

XRP is up 52% in 2020, beginning the year at $0.193 and rising to $0.295 at time of publishing, according to data from CoinMarketCap.

That compares to a 62% increase in the price of the leading cryptocurrency, Bitcoin, and a 229% rise in the price of the second-largest crypto asset, Ethereum.

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 losses 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/Tavarius