Crypto analyst Michaël van de Poppe thinks that Ripple’s native token XRP is ripe for a pullback after tapping a major resistance area.
The trader, also known as Crypto Michaël, tells his 69,000 followers on Twitter that he’s looking for a retracement of over 27%, as he does not expect the third-largest cryptocurrency to take out a key level of resistance in the short term. He says XRP will have to break through a major barrier at around $0.32 to trigger the next big move to the upside.
“Buy the dip zones: $0.212 and $0.245. Next resistance zone if this massive one breaks: $0.40. I doubt we’ll continue rallying, but I will be very satisfied to buy the dip.”
Another widely-followed analyst agrees. Trader Cheds tells his crew of 79,000 followers that XRP’s rally on August 11th was a bull trap. He now expects the crypto asset to correct by more than 15% in the near term.
“XRP Ripple (USDT) update – breakout was a ‘False move.’ 25 cents seems reasonable, lower range of high wave spinning top #TheStandard.”
XRP is up 52% in 2020, beginning the year at $0.193 and rising to $0.295 at time of publishing, according to data from CoinMarketCap.
That compares to a 62% increase in the price of the leading cryptocurrency, Bitcoin, and a 229% rise in the price of the second-largest crypto asset, Ethereum.
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