XRP is one of analyst Michaël van de Poppe’s best bets for 2022. According to a recent video, Van de Poppe estimates that the cryptocurrency could rise by up to 420% in the next year. Based on the current price ($0.83), XRP could reach $4.30 at the end of this cycle.
With a decline of 17.39% in the past seven days, XRP records one of the worst weekly performances in the Top 10. However, the cryptocurrency recorded a 4.75% increase in the past 24 hours – the largest rise for this period.
Significant level of support
At the start of this cycle, Van de Poppe is looking at the area between $0.81 and $0.97. If XRP stays between this level, the trajectory of the first high leg will be followed.
In this sense, XRP will start a strong rally of 140%. Therefore, about a third of the movement depends on the current support and resistance area.
“If they are to hold, we will likely have a scenario like this[$2 rally]where we start pulling back. These are the catalysts ($0.90, $1, $1.20), so we will have a vertical move,” the analyst said.
The first bullish target is exactly the $2 area. Next, van de Poppe uses the Fibonacci Extension tool to indicate the next target XRP points. At the first of these points, the target price is at $2.87, a 345% increase over the current price.
Finally, the last target based on the Fibonacci extension is the $4.33 area. At this price level, the appreciation for XRP can be as high as 521%. However, in a more “pessimistic” scenario, the rally should be around $4, which is a 420% increase at the end of the cycle.
fall “transient”
After filming the video, Van de Poppe received several inquiries from his nearly 600,000 YouTube followers. The main reason has to do with the fall of XRP, whose price has collapsed along with the rest of the market.
In response, van de Poppe stated that these predictions came before the crash, but they did not change. According to the analyst, the decline in the market as well as the bearish bias did not leave him worried in the long run.
“The fear was not so great compared to what happened in May. This feeling is literally comparable to a funeral,” he said.
Currently, the market’s Fear and Greed Index is at 25, which indicates “extreme fear”, but it even dropped to 16 on Monday (16). The increase in the index coincides with the recovery recorded on Tuesday (7), with Bitcoin (BTC) once again reclaiming the $51,000 level.
Read also: BTG launches fund with exposure to Ethereum (ETH)
Read also: Young and Pessimistic: Research Reveals the Profile of a Brazilian Crypto Investor
Read also: Brazilian platform NFT promotes memes creation competition
“Wannabe internet buff. Future teen idol. Hardcore zombie guru. Gamer. Avid creator. Entrepreneur. Bacon ninja.”
More Stories
Declining revenue from fuel taxes forces unpopular measures – Executive Summary
Possibly the worst car name ever? Honda is going in the opposite direction because customers simply can't pronounce it – Executive Summary
New expectations of interest rate cuts by the Federal Reserve give strength to Wall Street