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.
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The post Crypto Analyst Breaks Down the Bitcoin (BTC) and Altcoin Explosion Following XRP’s Historic Ruling appeared first on The Daily Hodl.