dailyhodl.com
A popular crypto analyst is diving into the exploding markets following the favorable ruling for $XRP in the U.S. Securities and Exchange Commission (SEC) lawsuit.
Crypto trader Michaël van de Poppe tells his 660,200 Twitter followers that after yesterday’s favorable ruling for $XRP traders, which spurred a market-wide rally, Bitcoin ($BTC) may dip before continuing upwards.
“Everything remains fine if Bitcoin sustains above $30,800.
If not, then this was a pretty ugly move and we’ll probably have some liquidity on the downside for Bitcoin to grab.
The plus side, we’ll be having a case where altcoins can keep on finding momentum.”
$BTC is worth $31,298 at time of writing, up 2.2% in the last 24 hours.
Diving into $XRP, which ripped over 60% after Judge Torres’ decision, Van de Poppe predicts a slight dip before $XRP resumes its rally.
“Mega move, for scalps I’d be interested in the ranges of $0.65-0.69 on this one.
If that sweeps happens, probably we’ll have a new leg up after.”
$XRP is trading for $0.78 at time of writing, up 64% in the last 24 hours.
Moving on to Litecoin ($LTC), the analyst expects $LTC to resume its general uptrend soon even though it was one of the few cryptocurrencies that hardly responded to the $XRP decision.
“This one is barely moving, as the narrative has changed towards other Crypto projects.
Interested to see whether we’ll sustain at $98 for support, then we might be targeting higher numbers.”
$LTC is trading at $101 at time of writing, up 1.2% in the last 24 hours.
Looking at the decentralized finance (DeFi) platform Fantom (FTM), Van de Poppe says FTM could be on its way to $0.40, an over 30% leap from its current price of $0.29.
“This one shows momentum here, just like the rest of the markets.
Expecting to hold above $0.28-0.29 to avoid any further market breakdown.
If that holds, we’ll be ready for a test at $0.33 or possibly even $0.40.”
Taking a moment to share a thought on the interoperability blockchain Chainlink ($LINK), the analyst still thinks $LINK is at a great price.
“Chainlink above $7.
I’ll repeat.
Beneath $5 was a must-buy.
It’s still an opportunity of a lifetime.”
$LINK is worth $7.10 at time of writing, up over 10% since yesterday’s news.