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 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. The SEC case is getting closer and closer.
I think basically if you have a stop loss on this thing, the upside is like a double to a triple. And the downside is like… 10 – 15%.
And the outcome of the case, or even if it’s like just barely positive news right… it doesn’t even have to be the outcome. If there’s just like a frown on the judge’s face while the SEC is talking, basically you’re gonna see quite a massive pump. And so like that risk-to-reward seems decent.”
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.”
XRP is trading at $0.506 at time of writing.
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The post XRP Could Explode by Up to 200%, Predicts Analyst Who Nailed Bitcoin’s 2022 Bottom – But There’s a Catch appeared first on The Daily Hodl.
