Trader Who Nailed 2022 Bitcoin Collapse Predicts Big Correction for XRP, Updates Outlook on Two Low-Cap Altcoins
The crypto analyst who accurately predicted Bitcoin’s (BTC) crash this year says XRP is likely due for a more than 50% decline.
The pseudonymous analyst known in the industry as Capo tells his 541,600 Twitter followers that open source digital currency XRP remains in a downtrend despite the recent rally.
According to a chart shared by Capo, XRP appears to be plunging to its high timeframe support of $0.20.
“XRP.”
At the time of writing, XRP is trading hands at $0.447, down over 5% on the day. The sixth-largest crypto asset by market capitalization is up nearly 40% from its 30-day low of $0.32, but is still down more than 86% from its all-time high of $3.40.
Another altcoin on traders’ radar is Stellar Lumens (XLM), a crypto-asset designed to act as a bridge between two fiat currencies when sending money abroad. According to Capo, XLM is preparing for a quick rally to the $0.16 target before resuming its downtrend.
“Long on XLM.”
At the time of writing, XLM is valued at $0.118, flat on the day.
The analyst is also keeping a close eye on Reserve Rights Token (RSR), cryptocurrency designed to facilitate the stability of the asset-backed stablecoin known as Reserve Token (RSV). According to Capo, RSR still offers more upside potential despite its over 90% rally in just two weeks.
“Resistance flip support of previous key level. Next target is $0.012 but main target is still $0.017. I haven’t taken profit yet, I’m just trailing stop profit.”
At the time of writing, RSR is changing hands for $0.0099, up 4.95% on the day.
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Featured image: Shutterstock/Mia Stendal
