• Popular crypto analyst DonAlt predicts XRP could rally by up to 200% in the near future.
• DonAlt believes the outcome of the SEC lawsuit against Ripple may influence XRP’s price movement.
• He urges caution when trading XRP and suggests an invalidation point at $0.46 on the weekly chart.
XRP Could See Triple-Digit Rally, Predicts Analyst Who Nailed Bitcoin’s 2022 Bottom
A popular crypto analyst believes that XRP is primed for a triple-digit rally as a decision on the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple looms. The pseudonymous analyst DonAlt tells 50,900 subscribers of the TechnicalRoundup YouTube channel that XRP has a potential upside of over 100% from the current levels.
DonAlt Recommends Re-Buying XRP Above $0.475 Level
DonAlt says he has resumed buying XRP after taking profits on positions he entered in November of 2022. “I’ve been re-buying my XRP in here [above the $0.475 level], basically on the way up because I think the XRP narrative could come in rolling again.”
Caution Urged Despite Potential Risk-to-Reward
The analyst, however, urges caution as the XRP trade is not risk-free. “Obviously, you have to be careful on this as well. Easy way to lose a bunch of money.” According to DonAlt, the bullish thesis for XRP will be invalidated if the sixth-largest crypto asset by market falls below $0.46: “What’s the invalidation for XRP? Fall back below $0.46 on the weekly [chart]. Like if we start losing this horizontal support [at around $0.46], we’re probably going to lose this diagonal [ascending trend line] too.”
Current Trading Price
XRP is trading at $0.506 at time of writing.
Opinions expressed at The Daily Hodl are not investment advice and investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets