A widely followed crypto strategist is now leaning bearishly on XRP, saying the altcoin could completely reverse gains fueled by Ripple’s legal victory over the US Securities and Exchange Commission (SEC).
Analyst Michael van de Poppe tells are 662,400 X followers that XRP could drop to around $0.45, a price level close to where the altcoin traded prior to Judge Analisa Torres’ historic ruling on July 13.
Torres ruled that Ripple’s automated, open-market sales of XRP do not represent securities offerings, contrary to what the SEC claimed.
According to Van de Poppe, the burst to the top was used by investors as an opportunity to unload their XRP bags after more than a year of waiting.
“What about XRP?
It traces back his entire move.
Why is that?
After 1.5 years, investors finally get the chance to get out.
Buyers don’t step in due to lack of confidence.
Therefore, look for obvious entry points.
The weekly time frame has one.
At the time of writing, XRP is worth $0.621, suggesting a potential devaluation of nearly 25% if the altcoin reaches Van de Poppe’s downside target.
Van de Poppe also looks at the price action of the top memecoin Dogecoin (DOGE). According to the analyst, DOGE may see further corrections before regaining its bullish momentum.
“Entry zone for DOGE.”
Looking at Van de Poppe’s chart, he seems to predict that Dogecoin will fall to around $0.069 before rising to his target of $0.10.
At the time of writing, DOGE is trading at USD 0.073.
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Image generated: Midway through the journey