Popular cryptocurrency analyst Michaël van de Poppe the prices of both $XRP and Litecoin ($LTC) will break out and embark on a ‘big run’ upward once the value of the U.S. dollar, measured against a basket of foreign currencies, starts dropping.
Responding to some of his followers’ requests, van de Poppe analyzed the charts of several altcoins. When he got to XRP, the native token of the XRP Ledger, the analyst revealed its chart “looks so similar to the previous cycle in 2014 and 2017,” suggesting the cryptocurrency is set to go on a bull run in the near future.
Per van de Poppe, the more the “chart squeezes, the heavier the breakout will be.”
Coming on Litecoin, a cryptocurrency often referred to as the silver to Bitcoin’s gold, the analyst revealed he believes it “will have its run too, definitely” and compared its potential breakout to the one he predicted for XRP.
According to van de Poppe, the “party of crypto will begin” once the U.S. Dollar Index (DXY) turns around and stops moving upward. The index started surging earlier this year after the U.S. Federal Reserve signaled it was set to tighten monetary policy aggressively this year.
The U.S. Dollar Index, it’s worth noting, is a measure of the value of the fiat currency measured against a basket of foreign currencies. The index, according to Investopedia, was established by the country’s central bank in 1973.
As CryptoGlobe reported, cryptocurrency investment firm Pantera Capital CEO and co-CIO Dan Morehead has revealed he believes that as the cryptocurrency market becomes broader and more valuable the “amplitude of price swings will moderate,” although he sees a “massive rally” in the next 6-12 months.
In contrast tone of the co-founder of crypto derivatives trading platform BitMEX, Arthur Hayes, has argued that cryptoassets and traditional financial markets are heading towards a major crash as central banks move to curb the soaring inflation seen over the last few months.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pixabay