A widely followed crypto analyst says he’s maintaining conviction on his bullish stance for XRP until the altcoin reaches his price target.
In the latest issue of the Technical Roundup newsletter, DonAlt says that XRP broke a critical resistance at $0.40 and now has very little between where it is now, and the $0.60 range.
“The USD pair broke out from its $0.40 range high and stalled around $0.50. Larger resistance rests at $0.60, but round number short-term trading this thing has been very viable as a strategy. [DonAlt’s] view is that the $0.40 breakout is significant and therefore worth holding at least until $0.60 is tagged…
Given these levels are nearby and untagged, and also considering the recent green candles in the crypto majors, [DonAlt] is still holding out for another leg. Invalidation is a total loss of momentum and/or a move back below the breakout levels.”
Last week, DonAlt said he was mostly bullish on XRP because of the optimism surrounding Ripple Labs’ lawsuit with the U.S. Securities and Exchange Commission (SEC). Both sides of the lawsuit have filed for summary judgment, which is a request to end a court case without going to trial.
The analyst mentioned a price target as high as $3, or nearly 650% above current levels.
“In general, I would like to hold this until the SEC news gets hotter because that’s kind of the narrative it has, and that’s one the factors in me wanting to buy this thing and me actually looking at it for so long. If they win the trial… I think it’s just going to giga moon basically… If that goes, a lot of people will buy back in. I will sell into that pump if I get it…
If Bitcoin was looking solid into $21,000, was just chilling, I would just hold this to $1 if not $2 or $3.”
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Source: https://dailyhodl.com/2022/09/28/crypto-analyst-doubles-down-on-big-xrp-rally-despite-red-markets-heres-his-target/