Notorious Analyst Marks Long and Short Levels for Popular Altcoin

Cryptocurrency analyst Michaël van de Poppe, who is famous for his analysis, marked the potential long and short levels for the popular altcoin.

While the crypto money markets attract the attention of investors by recording double-digit rises in the short term, XRP is one of the crypto assets that follows the general trend in the crypto money markets with its rise. It should be noted, though, that XRP is acting weaker than the rest of the cryptocurrency markets. However, a closely followed cryptocurrency analyst has marked the altcoin levels to watch out for.

Searching for Long and Short Positions in XRP

Cryptocurrency analyst Michaël van de Poppe, who is known for his analysis, analyzed XRP's price action in a tweet on September 11 and marked the critical support and resistance levels before and below the altcoin's price.

According to Van de Poppe's technical analysis, the closest strong resistance level to short XRP could be in the $0.380 to $0.375 range. On the other hand, $0.330 to $0.335 is a strong support level for confirmation that all is well in general should the crypto markets decline. Short-term investors and traders can consider this level as a potential buying point.

Notorious Analyst Marks Long and Short Levels for Popular Altcoin

Latest Situation in XRP

Ripple (XRP) is partially gaining strength after weeks of neutral price action. The popular altcoin has seen a short-term rise in recent days and has made significant gains. The value of XRP has increased by about 10 percent in the last 7 days. At the time of writing, it is trading at $0.3553, up 0.05 percent in the last 24 hours. According to data from crypto data platform CoinMarketCap, the market cap of XRP stands at $17.7 billion. Cryptocurrency ranks seventh in the top 25 cryptocurrencies list according to these data.

On the other hand, in addition to the price, it is necessary to closely monitor what XRP whales do. According to on-chain data, only 10 addresses control most of the circulating supply of XRP. According to data provided by CoinCarp, as of September 12, the top 10 XRP investors control about 73 percent, or about three-quarters, of the circulating supply. The top 20 XRP investors control 75.35% of the circulating supply. This is interpreted as a negative situation for the short and medium term future of the altcoin.