• A crypto trader is turning bearish on XRP, predicting the price could fall to near where it was trading prior to the legal victory over the SEC.
• Analyst Michaël van de Poppe suggests investors sold off their XRP bags after the surge in prices due to a lack of confidence from buyers.
• Van de Poppe also believes Dogecoin (DOGE) may see further corrections before regaining its bullish momentum.
Crypto Trader Flips Bearish on XRP
A widely followed crypto strategist is now leaning bearish on Ripple and 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 followers that XRP could fall to around $0.45, a price level near where it was trading at prior to Judge Analisa Torres’ landmark ruling on July 13th.
Investors Cashing Out After Legal Victory
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. He believes buyers are not stepping in due to lack of confidence in XRP’s potential future value.
Dogecoin May See Further Corrections
Van de Poppe is also watching the price action of Dogecoin (DOGE). According to him, DOGE may see further corrections before regaining its bullish momentum and reaching his target of $0.10 per coin. At time of writing, DOGE is trading for $0.073, suggesting a potential devaluation of nearly 25% if it hits Van de Poppe’s downside target.
XRP Price Action
At time of writing, XRP is worth $0.621 which suggests a potential devaluation of nearly 25% if it hits Van de Poppe’s downside target at $0.45 per coin..
Conclusion
It appears that Crypto traders have taken notice of both Dogecoin and Ripple/XRP movements as they look for entry points into these markets while keeping an eye out for any signs of correction or lack thereof in terms of investor confidence in both coins’ future value and performance