A widely followed crypto analyst is predicting a massive surge for Ethereum (ETH) competitor XRP while updating his outlook on Bitcoin (BTC) and two other altcoins.
Pseudonymous trader Altcoin Sherpa tells his 183,000 Twitter followers that XRP should rise to $0.60 before ultimately shooting up to $0.87.
“XRP: Go to $0.60 and then $0.87 if that cleanly breaks. Bizarre reaction for some of these altcoins.”
XRP is changing hands at $0.49 at time of writing.
A rally to Altcoin Sherpa’s target of $0.87 would mark a nearly 80% rise for the payments token.
The analyst then brings up Bitcoin, saying that the king crypto’s current price level seems “spent,” meaning he believes it will dip soon.
“BTC: I think that the wick around $18,500 seems very spent, it seems likely that the next wicks up are coming. 18,000 and 17,500 are the next demand areas up, would stay very cautious.”
The top crypto asset by market cap is moving for $18,873 at time of writing.
Next on the trader’s list is ETH scaling solution Optimism (OP). Altcoin Sherpa says that while he expects a bounce for OP in the short term, he ultimately expects it to settle around the $0.50 area.
“OP: This current area is a HVN [high volume node] on volume profile, so it should maybe bounce, but this is still a comfortable short all the way down to $0.50 in my opinion.”
OP is currently trading for $0.926.
Altcoin Sherpa wraps up his analysis by bringing up ApeCoin (APE), the native asset of the Bored Ape Yacht Club non-fungible token (NFT) community. He says that APE currently is at a significant price level and that it “looks scary.”
“APE: $5.85 is a significant level IMO, no 1d [one day] closes over there in almost two weeks. Doing so would mean mid $6s, but it’s a strong level. I still am in my position but I took more profits around the $5.90 area. It looks a bit scary, so taking a bit more profits here.”
APE is valued at $5.62 at time of writing.
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Featured Image: Shutterstock/YanaBu
