The crypto analyst who accurately predicted Bitcoin’s (BTC) crash this year says XRP is likely due for an over 50% decline.
The psuedonymous analyst known in the industry as Capo tells his 541,600 Twitter followers that open-source digital currency XRP remains in a downtrend despite its recent rally.
According to a chart shared by Capo, XRP appears poised to plunge to its high timeframe support at $0.20.
“XRP.”
At time of writing, XRP is changing hands for $0.447, an over 5% decrease on the day. The sixth-largest crypto asset by market cap has risen nearly 40% from its 30-day low of $0.32 but remains more than 86% down from its all-time high of $3.40.
Another altcoin on the trader’s radar is Stellar Lumens (XLM), a crypto asset designed to act as a bridge between two fiat currencies when sending money abroad. According to Capo, XLM gearing up for a quick rally to his target of $0.16 before resuming its downtrend.
“Long on XLM.”
At time of writing, XLM is valued at $0.118, flat on the day.
The analyst is also keeping a close watch on Reserve Rights Token (RSR), cryptocurrency designed to facilitate the stability of the asset-backed stablecoin known as the Reserve Token (RSV). According to Capo, RSR still offers more upside potential despite its over 90% rally in just two weeks.
“Support to resistance flip of the previous key level. Next target is $0.012, but main target remains $0.017. I haven’t taken profits yet, just trailing the stop in profits.”
At time of writing, RSR is swapping hands for $0.0099, a 4.95% increase on the day.
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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 losses 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/Mia Stendal
