XRP is one of the most talked about and discussed altcoins in the crypto market. At one end, bears are certain that XRP token prices are going down the drain with an expectation of the SEC winning the lawsuit. On the other hand, some bulls see Ripple Labs as emerging victorious and sending XRP prices to the moon.
For context, it is important to note that the Securities and Exchange Commission filed a lawsuit against Ripple Labs in 2020 for using XRP as unregistered securities. The lawsuit has captivated the cryptocurrency community members and legal experts alike.
It has become a matter of highlighting the issues for regulators when it comes to streamlining tech companies and innovations.
Crypto Analyst Micheal Van de Poppe is Bearish on XRP
Micheal van de Poppe is a cryptocurrency analyst who recently shared his stance on the XRP price projections. He used the current resistance level for XRP at $0.37 dubbing it harsh. He noted that XRP could retrace to $0.343 in the short term.
As per his technical analysis shared on Twitter, Poppe pointed out that XRP could face a liquidity squeeze if prices don’t recover.
He proceeded to compare XRP price movement to Bitcoin. He also warned the investors to keep an eye out for the $0.265 support level that is going to be a decisive turn. Meanwhile, XRP tokens have continued sideways movement as it has been affected by the headwinds created by the FTX saga.
TradingShot is a pseudonymous cryptocurrency trader who shared a bullish outlook on XRP using TradingView highlights. However, the bullish prediction for XRP is heavily conditioned to the fact that XRP manages to break out of the 2021 lower highs.
According to this analysis, XRP has a chance to retrace positively if it can cross the crucial threshold of 0.618 Fibonacci level.
On the other hand, the machine learning algorithm at PricePredictions has projected that XRP is likely to walk into 2023 with a bearish note estimated at around $0.33. Crypto market analytics aggregator Santiment has reported that selling pressure for XRP has slowed down indicating that XRP sellers might be exhausted.