Famous cryptocurrency analyst Michael van de Poppe, who is closely followed, highlighted important levels for Bitcoin, XRP, Litecoin, Fantom, and Chainlink, which are leading members of the market that have experienced significant movements in both directions following the positive decision given for Ripple’s XRP by the Securities and Exchange Commission (SEC).
Expecting a Decline in Bitcoin to Accumulate Liquidity
Cryptocurrency analyst Michaël van de Poppe stated that after the positive decision by the US court that caused a rally in the market for XRP, the largest cryptocurrency Bitcoin (BTC) could experience a decline before continuing upwards, and he said the following:
If Bitcoin stays above $30,800, then everything is fine. Otherwise, this would be a rather ugly move and we will probably see Bitcoin moving downwards to accumulate some liquidity. The positive side of this would be that altcoins would continue to gain momentum.
At the time of writing this article, the largest cryptocurrency BTC is trading at $30,323, below the level of $30,800 pointed out by the analyst, presenting a dangerous situation.
Altcoins in the Analyst’s Radar
After Bitcoin, Michaël van de Poppe discussed XRP, which came into the spotlight with the partially positive decision by the US court and gained up to 90% in value. He stated that he expects XRP to experience a slight decline before continuing its rally, saying, “The range I expect after the massive rise is between $0.65 and $0.69. If it continues to rise, it will likely start moving from this range.”
Giving a brief update on Litecoin (LTC), which is rapidly approaching the block reward halving event, the analyst stated that despite being one of the few cryptocurrencies that hardly reacted to the XRP decision, he expects LTC to continue its upward trend soon:
Because the narrative is shifting towards other cryptocurrency projects, this is moving with difficulty. We need to see if we can stay above $98 as support. If we do, then we may be targeting higher levels.
Turning his attention to the decentralized finance (DeFi) platform Fantom (FTM), Van de Poppe stated that FTM could move towards $0.33 and even $0.40 with a jump of over 30% from the current prices. According to the analyst, for such a jump, the price needs to stay above $0.28-$0.29.
Lastly, Van de Poppe shared his thoughts on Chainlink (LINK), a blockchain for interoperability, stating that LINK is still at a great price and said, “LINK is above $7. I repeat, it should definitely be bought at prices below $5. This still offers the opportunity of a lifetime.”
