A well-known cryptocurrency strategist, Michaël van de Poppe, has changed his outlook on XRP, suggesting that the altcoin might erase all the gains it made following Ripple’s legal victory over the U.S. Securities and Exchange Commission (SEC). Van de Poppe, who has a Twitter following of over 662,400, predicts that XRP could drop to around $0.45, a price level similar to where it was trading before Judge Analisa Torres ruled in favor of Ripple on July 13th.
Judge Torres’ ruling stated that Ripple’s automated sales of XRP on the open market do not represent securities offerings, contrary to the SEC’s argument. According to Van de Poppe, the sudden surge in price was taken as an opportunity by investors to sell their XRP holdings, after waiting for over a year to do so. He also believes that the lack of confidence from buyers is preventing the altcoin from finding support and rebounding.
Van de Poppe suggests that there may be obvious entry points for investors who are willing to take a risk on XRP. He points to the weekly timeframe as a potential window for strategic buying opportunities.
As of now, XRP is valued at $0.621, which means that if it reaches Van de Poppe’s downside target, it could potentially devalue by nearly 25%.
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In addition to XRP, Van de Poppe is also closely monitoring the price action of another popular cryptocurrency, Dogecoin (DOGE). He predicts that DOGE may experience further corrections before regaining its bullish momentum.
Analyzing Van de Poppe’s chart, it appears that he expects Dogecoin to fall to around $0.069 before making a strong push towards his target of $0.10. Currently, DOGE is trading at $0.073.
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Investors should keep in mind that the opinions expressed by analysts and strategists are not investment advice. It’s crucial to conduct thorough research and due diligence before making any high-risk investments in cryptocurrencies, including Bitcoin, XRP, DOGE, or any other digital assets. Transfers and trades in the cryptocurrency market are always at the investor’s own risk, and any losses incurred are their responsibility.
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In conclusion, according to Michaël van de Poppe, XRP may retrace its gains following Ripple’s legal victory, potentially dropping to $0.45. He also predicts that Dogecoin may experience corrections before recovering its bullish momentum. However, it’s essential for investors to conduct their own research and exercise caution when making investment decisions in the volatile cryptocurrency market.
