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A popular cryptocurrency analyst is charting XRP’s next move after its big weekend.
Michaël van de Poppe tells Its 85,000 Twitter followers say XRP has a long way to go before it gets close to $ 2.00, which some analysts have predicted could happen in the next extended bullish cycle.
Before traders expect such massive moves in the fourth largest cryptocurrency, Van de Poppe says XRP must first prove it can turn the resistance at $ 0.30 into support.
He notes that XRP’s rise to its current price of $ 0.43 marks the digital asset’s first high from the bear market that began in early 2018.
“What you want to see and what you often see with XRP is a crisp run-up and correction, a precise run-up, a correction. That’s why I’m getting a little cautious about XRP’s moves at this point. Previous support …
We broke through and now we want to see this reversal of support resistance [at $0.30] occur.”
If XRP is able to consolidate a new level of support, Van de Poppe says he believes investors should look for a rally to $ 0.55 early next year.
“If we flip that, we can make another higher low and aim for a new higher high in the next quarter and I expect the next happy altcoin season to occur between January and March or April.
The next bullish run will likely take XRP to the next resistance zone at $ 0.55 or $ 0.65 “.
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Featured Image: Shutterstock / Gonin
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