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Poppe thinks the XRP rally may continue if Bitcoin surges above $20,000.
Despite the tremendous rally of Ripple (XRP) in the past few days, Michaël van de Poppe, the CEO of trading platform Eight, and trading expert, believes the crypto asset can still continue its upward movement based on Bitcoin’s performance.
According to Poppe, if the world’s largest cryptocurrency by market capitalization consolidates and surges above $20,000, XRP, alongside other altcoins, may also have big breakouts.
“Well, XRP has been breaking out heavily. The thing is, if Bitcoin consolidates and goes back to $20k+, it’s probably time for more of those altcoins to have big breakouts,” Poppe said in a tweet today.
He urged altcoin investors to prepare themselves for an imminent rally should Bitcoin consolidate above $20,000 instead of thinking BTC might plunge to the range of $12,000 – $14,000.
“Position yourself well and don’t count fully on the $12-14K thesis,” Poppe added.
Well, $XRP has been breaking out heavily.
The thing is, if #Bitcoin consolidates and goes back to $20k+, it's probably time for more of those altcoins to have big breakouts.
Position yourself well and don't count fully on the $12-14K thesis.
— Michaël van de Poppe (@CryptoMichNL) September 23, 2022
XRP Spikes Despite Crypto Market Crash
Truly, XRP has recorded huge gains in the past seven days. This comes after Ripple, and the Securities and Exchange Commission officially filed motions for summary judgment. It became evident that the lawsuit, which has impeded the growth of XRP for over a year, will soon be coming to an end.
With events in the lawsuit suggesting that the case may end in Ripple’s favor, cryptocurrency investors are rapidly adopting XRP, thus boosting its price. In the last seven days, XRP has rallied over 50%, which saw its price move from $0.32 to $0.55.
Meanwhile, Bitcoin has been finding it hard to break the $20,000 resistance in the last five days. The top crypto asset has been trading between $18,300 to $19,700 since September 19, 2022.
Interestingly, XRP is the only cryptocurrency among the top 10 coins that is not affected by Bitcoin’s underperformance. As reported, LunarCrush ranked XRP ahead of the top 3,821 coins in terms of relatively combined social and market activities.