Trader Flips Bearish on XRP, Says Bulls Not Stepping in Due to Lack of Confidence – Here’s His Downside Target

By The Daily Hodl - 8 months ago - Reading Time: 2 minutes
Tue, Aug 8, 2023 2:30 PM

Trader Flips Bearish on XRP, Says Bulls Not Stepping in Due to Lack of Confidence – Here’s His Downside Target

A widely followed crypto strategist is now leaning bearish on XRP, saying that the altcoin may fully retrace the gains sparked by Ripple’s legal victory over the U.S. Securities and Exchange Commission (SEC).

Analyst Michaël van de Poppe tells his 662,400 X followers that XRP could fall to around $0.45, a price level near where the altcoin was trading at prior to Judge Analisa Torres’ landmark ruling on July 13th.

Torres ruled that Ripple’s automated, open-market sales of XRP don’t represent securities offerings, contrary to what the SEC argued.

According to Van de Poppe, the burst to the upside was used by investors as an opportunity to unload their XRP bags after more than a year of waiting.

“What about XRP?

It’s retracing its entire move.

Why is that?

Investors finally getting the chance to get out after holding for 1.5 years.

Buyers not stepping in due to lack of confidence.

Therefore, spot for obvious entry points.

The weekly timeframe has one.”

At time of writing, XRP is worth $0.621, suggesting a potential devaluation of nearly 25% if the altcoin hits Van de Poppe’s downside target.

Van de Poppe is also watching the price action of the top memecoin Dogecoin (DOGE). According to the analyst, DOGE may see further corrections before regaining its bullish momentum.

“Entry zone for DOGE.” 

Looking at Van de Poppe’s chart, he appears to predict Dogecoin falling to around $0.069 before surging toward his target of $0.10.

At time of writing, DOGE is trading for $0.073.

Generated Image: Midjourney

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Original source: The Daily Hodl