The crypto market has been experiencing uncertainties owing to heightened scrutiny from regulatory bodies. Just last week, the US Securities and Exchange Commission (SEC) labeled ADA as an unregistered security, leaving investors wondering which alternative coin would be next.
Bitcoin is not spared from this fate as the analysis from a top trading expert and analyst Michaël van de Poppe in a recent YouTube video revealed that Bitcoin (BTC) is currently in a short-term consolidation phase characterized by instability. The current state of Bitcoin is making investors turn their eyes toward altcoins. But which altcoin shows the most promise?
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XRP Ascent to $1
A closely followed analyst Michaël van de Poppe attributed XRP’s price direction to the ongoing lawsuit against Ripple. His analysis pointed out a potential breakout scenario for the digital currency.
According to Michaël van de Poppe, if XRP successfully overcomes its resistance level at $0.52, it could rage toward the $1 mark. In Poppe’s words, “a flip in that resistance zone” is the safest and most profitable place for an investor to purchase XRP.
Michaël van de Poppe noted:
“If we break the resistance, I think that we can start expanding to $0.75 but most likely start expanding towards a dollar or more. To crack this resistance zone, a flip of that resistance zone is where you want to start getting into a trade.”
It’s worth noting that the digital asset was trading at around $0.49 when the analyst made the video. But at the time of writing, XRP has soared beyond the $0.52 resistance level, according to CoinMarketCap.
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LTC’s Emergence
In the case of Litecoin (LTC), Poppe predicted a likely upward trend leading up to the halving event which would likely contribute to the token’s valuation. He pointed out that based on the recent price trend, LTC is set to display “a classic ascending triangle structure” and break out of its consolidation phase.
LTC currently faces a resistance at $100, and the probability of overcoming this level will be dependent on reclaiming $92.
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However, the analyst highlighted that it could take several weeks for the anticipated scenario to unfold.
In the meantime, the analyst cautioned that despite the current downward trend of the prices of altcoins generally, based on the weekly candle chart, the overall market appears to be heading towards a bearish future which would last a short term.
Michaël van de Poppe said:
“We are having a classic ascending triangle structure, we are also having this resistance here at $100 to $105… If we are going to break back above, which is based on the level around $92. If that level breaks and we can have an expansion.”
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