Prominent analyst and trader Michaël van de Poppe is discussing two large-cap crypto assets as the overall market cap flirts with $2 trillion.
According to him, XRP Price may eventually be ready to surpass Bitcoin, as the asset along with Litecoin (LTC) and Ethereum (EHT) appear to have bottomed out in their BTC pairs.
XRP has been losing value to Bitcoin for the last four years, with Bitcoin being much more valuable than XRP on its own. However, He expects sentiment to change, particularly as Litecoin has most likely bottomed out.
However, even ETH has bottomed out, and XRP is only following suit, indicating that those older coins are gaining traction.
XRP Price
As for XRP, to continue trading on the XRP/BTC chart, XRP must keep the 0.0000155 sats (satoshis) level and convert it into support, according to the trader.
Van de Poppe claims the asset would continue to 0.000024 sats if it maintains support in that range, but if it does not, 0.000011 sats may be a reasonable entry point for those looking to enter a trade.
Ripple is the best-performing top-10 asset this week, with an 80% increase in value. The cryptocurrency began the week near its 2019 highs of $0.55 as it began to rise.
XRP erupted upward on Monday, reaching a peak of $0.9. On Tuesday, it managed to smash through $1.00 and hit a high of $1.14. The altcoin was unable to break beyond $1.10 and was halted. It ended up falling lower from there on Wednesday to reach the support at $0.9
It has since rebounded from this support as it trades above $1.00 today at $1.02.
LITECOIN
As for Litecoin to continue on its upward trajectory, Van de Poppe needs to see the asset flip 0.038 sats into funding. Van de Poppe expects a major breakout to the upside if that threshold is broken. Litecoin is currently trading at about $228, up about 12% on the week.
BITCOIN
Bitcoin Price has been trading sideways for the past week, and it now sits at $58,500. The cryptocurrency attempted to break through the $60,000 barrier several times at the start of the week, but each attempt failed. It then went on to build $57,000 in funding. On Wednesday, however, this support was breached, with BTC falling to $55,440.
“When altcoins are showing weakness you should not be scared, you should be looking for entries. If the markets are red and you are not in a position, that’s the time you can get into one.
Right now, Bitcoin is just in a compression period. It did reject that high at $60,000 once again through which there is some caution right now. The critical support zone is at $56,000. If that is tested again the chances of BTC dropping down increases by the fact that we are testing that level multiple times.”
The post Bitcoin, Ethereum & XRP Price Poised to Explode Soon! appeared first on Fuzzy.One.
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