A closely followed crypto analyst, DonAlt, has recently reiterated his bullish stance on the trend of the digital token XRP, setting a price target he thinks the embattled crypto will likely attain soon.
In the latest Technical Roundup newsletter, the pseudonymous analyst DonAlt stated that XRP breached a critical resistance at $0.40. He then opined that XRP is worth holding until reaching the $0.6 price level.
“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.”
Why DonAlt Is Bullish on XRP and Thinks $3 is Possible
A couple of days ago, the pseudonymous crypto analyst DonAlt said his bullishness on XRP is based on the positive reports surrounding the ongoing lawsuit between Ripple and the United States Securities and Exchange Commission (SEC).
Seeing a possibility of an over 600% surge from its current price made the analyst set a $3 price target for XRP. This he believes is if things eventually turn out positive for Ripple in the XRP lawsuit.
DonAlt said, “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.”
Meanwhile, Ripple has recorded a fresh big win against the SEC in the ongoing lawsuit. In the latest ruling, Judge Analisa Torres has ordered the SEC to surrender the drafts of William Hinman’s speech of 2018 to Ripple.
Expectedly, the ruling has brought positive results for XRP within the last few hours in terms of price. At the time of press, XRP is trading at $0.49, with a relatively 11% price upsurge in the last 24 hours, according to CoinMarketCap.