Closely followed crypto strategist and trader Michaël van de Poppe is keeping a close watch on XRP as he says the sixth-largest crypto asset is starting to gather some momentum.
In a new strategy session, the crypto analyst tells his 120,000 YouTube subscribers that XRP is threatening to launch a 46% rally from its current price of $1.32.
“Looking at XRP, we do see that we are having this beautiful [support] flip at $1.06. I’ve also marked the level around $1 as that is a very good entry point. But we can see that the very important, significant level at $1.06 is providing support here. Some consolidation, sideways action and most likely we’re going to have a new breakout to the upside for XRP.”
Using the Fibonacci extension tool, Van de Poppe says the target price for XRP is $1.85, which is close to its 2021 high of around $1.96.
Van de Poppe is also looking at XRP in its Bitcoin pair (XRP/BTC). According to the crypto analyst, XRP/BTC is one resistance away from igniting a 140% surge from its current value of 0.000025 BTC or $1.25.
“You want to take an entry around this area (0.000022 BTC or $1.10). You want to place your stop beneath. And most likely, we’re going to have a break that just pulls the trigger towards the next impulse move towards 0.000038 BTC, worth $1.90. And then you’re actually going to look for higher lows and higher highs.
At this stage, we do know we’re creating higher lows, but you actually want to break this high (0.000038 BTC) and create a new higher high through which targeting a level 0.00006 BTC ($3.00) is pretty likely to be taking place.”
Original Source :dailyhodl.com
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