Crypto analyst doubles down on big XRP rally despite red markets – here’s his take
A widely followed cryptoanalyst says he is maintaining his bullish stance on XRP until the altcoin hits its price target.
In the latest edition of the Technical Roundup newsletter, DonAlt says that XRP broke a critical resistance at $0.40 and now has very little between where it is now and the $0.60 area.
“The USD pair broke out of the $0.40 high and stopped around $0.50. Major resistance is at $0.60, but short-term trading in round numbers has been a very viable strategy. [DonAlt’s] the view is that the $0.40 breakout is significant and therefore worth holding at least until $0.60 is marked…
Given that these levels are nearby and unmarked, and also considering the recent green lights in the crypto majors, [DonAlt] still holding out for another leg. Invalidation is a total loss of momentum and/or a move back below the breakout levels.”
Last week, DonAlt said he was mostly bullish on XRP due to the optimism surrounding Ripple Labs’ lawsuit with the US Securities and Exchange Commission (SEC). Both sides of the lawsuit have filed for summary judgment, which is a request to end a lawsuit without going to trial.
The analyst cited a price target as high as $3, or nearly 650% above today’s level.
“In general, I’d like to hold onto this until the SEC news heats up because that’s kind of the narrative it has, and that’s one of the factors that I want to buy this thing and that I’ve actually been looking at it for so long. If they wins the lawsuit… i think it’s just going to gigamoon basically… if it goes a lot of people will buy back in. i’ll trade in that pump if i get it…
If Bitcoin looked solid at $21,000, just relaxing, I’d only hold this at $1 if not $2 or $3.”
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