Analyst Says XRP Could Go Up 200%, But There’s A Catch
As the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple nears a ruling, a well-known crypto analyst thinks that XRP is about to go up by more than 100%.
Analyst DonAlt tells the 50,900 people who follow the TechnicalRoundup YouTube account that XRP could go up by more than 100% from where it is now.
DonAlt says that he has started buying XRP again after making money from trades he made in November 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, on the other hand, warns that the XRP deal is not without risk.
“Obviously, you have to be careful on this as well. Easy way to lose a bunch of money.”
DonAlt says that the bullish case for XRP will be thrown out if the sixth-largest cryptocurrency by market value goes 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.”
