DonAlt, a pseudonymous crypto analyst believes that XRP is primed for a massive price increase as the XRP awaits the decision on the case between Ripple and the United States Securities and Exchange Commission (SEC).
In a recent YouTube video, the closely followed analyst said XRP has a potential upside of over 100% from the current prices.
Read Also: XRP Finally Breaks 2-Year Trendline, Is 504x Rally Similar To 2017 Bull Market Incoming?
According to DonAlt, the owner of TechnicalRoundup YouTube channel, he has resumed buying XRP after taking profit on positions he entered in November of 2022.
However, the urges in-house and potential investors to take caution as trading XRP is not without risk.
Going by DonAlt, the bullish thesis for XRP will be invalidated if the price of the sixth-largest cryptocurrency by market cap drops below $0.46.
DonAlt noted:
“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…
Read Also: Google’s Bard Opinion on XRP Price for the End of 2023. States Factors to Aid Price Rise
“Obviously, you have to be careful on this as well. Easy way to lose a bunch of money…
“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.”
At the time of writing, XRP is trading at $0.5159, with a relatively 2% price upsurge in the last 24 hours and an 11.18% upsurge in the last seven days.
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London, United Kingdom, 21st November 2024, Chainwire