• A widely followed crypto strategist is now leaning bearish on XRP.
• Analyst Michaël van de Poppe says that XRP could fall to around $0.45, a price level near where the altcoin was trading at prior to Judge Analisa Torres’ ruling.
• Van de Poppe is also watching the price action of Dogecoin (DOGE) and predicts it may see further corrections before regaining its bullish momentum.
Trader Flips Bearish on XRP
A widely followed crypto strategist is now leaning bearish on XRP, saying that the altcoin may fully retrace the gains sparked by Ripple’s legal victory over the U.S. Securities and Exchange Commission (SEC).
Downside Target
Analyst Michaël van de Poppe tells his 662,400 X followers that XRP could fall to around $0.45, a price level near where the altcoin was trading at prior to Judge Analisa Torres’ landmark ruling on July 13th. Torres ruled that Ripple’s automated, open-market sales of XRP don’t represent securities offerings, contrary to what the SEC argued. According to Van de Poppe, the burst to the upside was used by investors as an opportunity to unload their XRP bags after more than a year of waiting.
Bulls Not Stepping In
Van de Poppe notes that buyers have so far not stepped in due to lack of confidence in the asset’s future prospects: “Buyers not stepping in due to lack of confidence… spot for obvious entry points.” At time of writing, XRP is worth $0.621, suggesting a potential devaluation of nearly 25% if the altcoin hits Van de Poppe’s downside target.
Dogecoin Price Action Watch
Van de Poppe is also watching the price action of the top memecoin Dogecoin ( DOGE ). According his chart analysis he appears predict Dogecoin falling to around $0.069 before surging toward his target of $0.10. At time of writing, DOGE is trading for $0