Popular crypto analyst Michaël van de Poppe is predicting rallies in XRP and Litecoin (LTC) and says one key metric will spark the next big bull phase of the digital asset markets.
The analyst tells his 584,000 Twitter followers that XRP appears to be compressing in its Bitcoin pair (XRP/BTC), coiling up for a breakout.
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“This chart looks so similar to the previous cycle in 2014 and 2017.
Seems like we’re going to have that big run on XRP again.
The more the chart squeezes, the heavier the breakout will be and everyone will rush into that position.”
At time of writing, XRP is trading at $0.78, up 2% in the last seven days.
Just like XRP, Van de Poppe also predicts Litecoin will also have its run after a rather long downtrend.
The crypto analyst says he’s waiting for one metric to reverse before crypto really gets going again. According to him, the US dollar index (DXY), which pins the USD against a basket of fiat currencies, needs to reverse course on its nearly 1-year long rally.
“Still waiting for this one to turn around, then the party of crypto will begin.”
The analyst is also watching a pair of lower-cap altcoins. Van de Poppe says Syscoin (SYS), a blockchain that offers assets powered by Bitcoin’s hash power, is currently at an attractive support level for bulls.
“Simple, I’d be looking at one level to take longs from if it holds.”
Van de Poppe says that one crypto asset’s chart is embodying the entire altcoin market. According to the analyst, decentralized finance (DeFi) platform Orion Protocol (ORN) is presenting long-term opportunities for bulls, even if some traders may be driven away by its bearish price action.
“This chart is a representation of the current status of altcoins.
They are on the ground and have been in a bear market for a year.
Instead of stepping out of the market, this is the time to get into them.”
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Featured Image: Shutterstock/Tithi Luadthong/Vladimir Sazonov
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