Cryptocurrency Analyst Says XRP Is Gearing Up For A 170% Move

  • Altcoins following the past trend, the first quarter is the best quarter for altcoins
  • Trader and analyst Crypto Michaël is going long on XRP
  • The downtrend in the USD market broken, XRP chart resembling the Jan. 2016 one

On January 14, Bitcoin price surged 10% and altcoins followed behind with a much harder rally.

“When Bitcoin goes up, our customers usually start buying altcoins as they tend to follow the leader,” said Steve Ehrlich, chief executive officer of crypto-asset broker Voyager Digital.

The third-largest cryptocurrency XRP also surged 14%, going as high as $0.24 but is back to now $0.225, down 4.43% in the past 24 hours.

However, it might not be the time to get dragged down but to fly.

According to the trader and technical analyst, Crypto Michaël, XRP can see a move as high as 170%. The trader is planning to long the XRP chart from here.

He points out how Zcash (ZEC) made its first HL in a long time and then moved 100%. ZEC is up 73% YTD. Similarly, VeChain Thor (VET) moved about 200% after making a slight HL in a while and breaking a long downtrend.

Just like in the last four years, when the first quarter of the year was the best quarter for the altcoins, cryptocurrencies have started breaking out this month.

As Dash, Ethereum Classic, and ZEC broke the long term downtrend, Ethereum and XRP are now facing similar movements.

XRP and Stellar Lumens (XLM) however, Crypto Michaël, says “don’t move in a natural way, they usually push hard before it goes.”

In the USD market, the downtrend is already broken and it looks to be January 2016 in the XRP market. As such, the trader thinks we are going to break to the upside. The analyst concluded,

“Losing the green area around 2500 is a no-go and that would mean new lower lows. However, breaking the downtrend after this compression and the targets are; 3750-3800, 4400-4450 & 6700-6800 for a move of around 170%.”

Ripple (XRP) Live Price

1 XRP/USD =$0.2039 change ~ 0.01%

Coin Market Cap

$8.83 Billion

24 Hour Volume

$266.7 Million

24 Hour VWAP

$0

24 Hour Change

$0.0000

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,441FansLike
2,795FollowersFollow
4,193FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitfinex & Tether Class Lawsuit Revised; Adding Bittrex and Poloniex to Alleged BTC Price Manipulation

Revised lawsuit on Bitfinex’s alleged price manipulation of the market using Tether (USDT) during the 2017 bull run to $19,800 has added two...

‘Masked Hero' Calling to ‘Buy Bitcoin' Amidst the Peaceful Protests and Riots in the US

Bitcoin is taking an active part in the riots across America. People are protesting since last week over the death of George Floyd,...

DiversiFi, Formerly Ethfinex, Launches Its DEX 2.0 With Starkware; Processing 9,000 + TPS

Bitfinex sister decentralized exchange, DEX in short, DiversiFi, which relabeled from Ethfinex in August last year, announced a relaunch of their platform, now...

Bitcoin Difficulty Sees 2nd Largest Drop of 2020 to 9.29%; Hashrate & Price Continue to Dance

Today, the bitcoin network difficulty took a drop of 9.29% to 13.73 trillion, as per Coinwarz. This is the fourth downwards adjustment this year after...

Japan’s Top Banks Join Crypto Exchange-Led ‘Study Group' to Discuss Digital Payment System

Three Japanese banking industry heavyweights are joining arms in a study group to focus on digital payment settlement networks in the country. The...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today