XRP is now up more than 43% year-to-date and according to one one popular trading strategist, the rally is just getting started.
Crypto Michaël, a full-time trader, says XRP has finally snapped its two-year losing streak against Bitcoin (BTC). As long as XRP trades above $0.247, Michaël says it’s in a good position to surge to as high as $0.60 by June. But there is a catch – Bitcoin will have to cool down first.
“XRP: I think this one will do well, when BTC calms down. Broke a 2-year old downtrend on the BTC pair and flipped back in the range on the USD pair.
Holding above $0.247-0.25 and we could see continuation towards the range high at $0.47 and possibly $0.60.”
Analyst Josh Olszewicz of Brave New Coin shares Crypto Michaël’s bullish view, after analyzing the third-largest cryptocurrency using the Ichimoku Cloud, which is an umbrella name for a set of technical indicators designed to highlight trend shifts and key levels of support and resistance.
He says XRP’s price has shifted above the Kumo band and that the breakout suggests a buying opportunity may be at hand.
“Market so bull right now even XRP [is] starting to turn up.
– Kumo breakout
– 200-day EMA breach
– Will invalidate nearly 700 day bear PF soon”
However, trader DonAlt prefers to err on the side of caution. The analyst says he recently took profits and sellers may soon take over.
DonAlt remains firm in his call that the recent price action is part of an overall bearish retracement. His bearish view would be invalidated if XRP climbs above $0.30.
“Going according to plan, I TPd early to avoid the $0.25-$0.30 resistance area which is where pretty much all of the risk is. As I stated early in the thread, $0.30 is the number to beat, until that happens all of this is a bear market retracement.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Ahmed Muntasir
