An analyst known for timely altcoin calls believes that new record-level prices are on the horizon for the payments altcoin XRP (XRP).
Pseudonymous analyst Pentoshi tells his 870,600 followers on the social media platform X that XRP’s chart looks bullish and that the altcoin might see new all-time high prices in the coming weeks.
But for now, Pentoshi thinks that XRP will take a breather before sparking the next leg up.
“XRP:
This is probably going to do price discovery in the next two weeks as well, in my opinion…
XRP looks disgustingly good even on the BTC pair, to be honest…
Also, one with quite a few tailwinds and held up very well for the past several months.”
As for XRP’s tailwinds, Pentoshi says the altcoin may benefit from Ripple’s push to obtain a banking license and the potential passing of stablecoin regulations into law.
Looking at the broader altcoin market, the trader says he’s now seeing the possibility of rotation from large-cap to mid-cap coins.
“Mostly been in large caps.
So far, they’ve done ver,y very well.
Will probably look out for a few mid-caps for [this] week. (Have not looked at those in a while).
A lot of the charts structurally look great, and I hope we can get a good few weeks out of it and then go from there.”
Mid-cap altcoins are crypto assets with a market cap of $1 billion to $10 billion.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Credit: Source link
