- 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.
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%.”