A widely followed crypto analyst and trader is predicting that XRP could go higher while expressing bearish sentiment on Bitcoin (BTC).
The pseudonymous trader known as Altcoin Sherpa tells his 195,900 Twitter followers that XRP is flashing signs of strength amid the current market downturn.
According to Altcoin Sherpa, XRP could surge to a level last seen in April 2022 if it takes out its immediate resistance at $0.60.
“XRP: still one of the strongest altcoins right now. Not a buyer at this level but if we can strongly break through this supply zone, I’d target areas as high as $0.80+.”
XRP is trading at $0.48 at time of writing.
Turning to Bitcoin, Altcoin Sherpa says that if the flagship crypto asset falls below the current support level of $25,000, it could witness a sharp corrective move close to $20,000.
“BTC: I always thought $25,000 was the level but maybe it’s not, maybe this current level is just the support region.
If we lose this I expect it to get violent, like $22,000 or lower or something.
Still, support is support… for now.”
The crypto strategist also says that he’s cautious about Bitcoin for now as BTC has price gaps at $24,000 and at $20,000.
Traders keep a close watch on price gaps as they tend to get filled over time.
Says Altcoin Sherpa,
“Noticeable gap too between $24,000 and $26,000. I expect that to get filled out eventually. CME (Chicago Mercantile Exchange) gap around $20,000 as well. Lots of lower targets. I am fairly cautious for now. Be careful out there.”
Bitcoin is trading at $25,070 at time of writing.
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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.
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