• Analyst Michaël van de Poppe is now leaning bearish on XRP, predicting a 25% devaluation to around $0.45.
• Van de Poppe says investors took advantage of Ripple’s legal victory to unload their XRP bags after more than a year of waiting.
• He also suggests that Dogecoin may see further corrections before regaining its bullish momentum.
XRP Predicted to Fall 25%
Analyst Michaël van de Poppe is now leaning bearish on XRP, saying that the altcoin may fully retrace the gains sparked by Ripple’s legal victory over the U.S. Securities and Exchange Commission (SEC). Van de Poppe tells his 662,400 followers that XRP could fall to around $0.45, a price level near where the altcoin was trading at prior to Judge Analisa Torres’ landmark ruling on July 13th.
Reason for Bearish Prediction
According to Van de Poppe, investors used the burst to the upside as an opportunity to unload their XRP bags after more than a year of waiting while buyers are not stepping in due to lack of confidence in the market – resulting in an obvious entry point for those wanting to short sell XRP. At time of writing, XRP is worth $0.621 and if it hits Van de Poppe’s downside target it will be a devaluation of nearly 25%.
Dogecoin Price Action Observed
Van de Poppe is also watching the price action of the top memecoin Dogecoin (DOGE). According to the analyst, DOGE may see further corrections before regaining its bullish momentum with an entry zone for DOGE being around $0.069 before surging toward his target of $0.10 . At time of writing, DOGE is trading for $0.073 .
Ripple’s Legal Victory
The aforementioned legal victory occurred when Judge Analisa Torres ruled that Ripple’s automated, open-market sales of XRP don’t represent securities offerings – contrary to what the SEC argued . The ruling set off speculation that trade volumes and prices for both Ripple and its native token would surge higher as other projects potentially followed suit with similar business models – however this does not seem to have been realised yet as evidenced by Van de Poppe’s bearish predictions for both tokens’ prices going forward .