High profile analyst Michaël van de Poppe is reviewing two large-cap crypto assets as the overall market cap flirts with $2 trillion.
In a new video, Van de Poppe tells his 58,000 subscribers that XRP may finally be ready to start outperforming Bitcoin, as the asset along with Litecoin (LTC) and Ethereum (EHT) appear to have bottomed out in their BTC pairs.
“In these past four years XRP has been losing value against Bitcoin – having Bitcoin on its own has been way more valuable than XRP. I guess however that the sentiment is going to change, especially given that Litecoin has most likely bottomed out…
But also ETH has bottomed out and XRP is just following suit through which we can see some momentum on those older coins.”
The trader notes that XRP must hold the 0.0000155 sats (satoshis) level and turn it into support in order to continue running on the XRP/BTC chart. If the asset holds that range, Van de Poppe believes it will continue on to 0.000024 sats, but if it fails to maintain support in that range, 0.000011 sats could be a good entry point for those who want to jump into a trade.
Those who wish to trade XRP versus the US dollar should wait for an entry point around $0.64, adds Van de Poppe. As of writing, XRP is trading just above $1. The asset has surged by 105% in the past two weeks and is “currently [starting] a new bull cycle,” notes Van de Poppe.
As for Litecoin, Van de Poppe wants to see the asset flip 0.038 sats into support in order for it to continue on its upward trajectory. If that level is broken, Van de Poppe assumes it will see a huge breakout to the upside. Litecoin is trading at around $228 and is up by roughly 12% on the week.
Van de Poppe also takes a look at the flagship cryptocurrency itself, noting that Bitcoin’s price action is relatively calm, but is showing some weakness along with altcoins. The analyst says that as coins are in the red, that is the time to scoop up some altcoin bags.
“When altcoins are showing weakness you should not be scared, you should be looking for entries. If the markets are red and you are not in a position, that’s the time you can get into one.
Right now, Bitcoin is just in a compression period. It did reject that high at $60,000 once again through which there is some caution right now. The critical support zone is at $56,000. If that is tested again the chances of BTC dropping down increases by the fact that we are testing that level multiple times.”
According to the trader, if BTC breaks down past that critical $56,000 support level, it will likely continue downward towards $53,000.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong