Closely followed crypto analyst Altcoin Sherpa says that Ripple (XRP) may be nearing the end of a long accumulation before a big breakout, and that these rallies could happen for two more altcoins.
Altcoin Sherpa thinks Ripple price could struggle in the short term
With this expectation in the short term, Sherpa says that as crypto investors start to prefer altcoins, XRP may be one of the stronger moving altcoins:
XRP doesn’t look bad. These candles have low volatility and look like accumulation. I don’t think it’s a big active trade. First note to watch: I think XRP could be in demand once altcoins (or BTC) really start to explode. Small investors love cheap cryptocurrencies.
According to Sherpa’s chart, the price may enter exploration mode after XRP breaks and holds the $1.31 resistance level.
Alongside XRP, the analyst is also looking at liquidity platform Woo Network (WOO), a project that surged nearly 50% last week. The altcoin trader uses the Fibonacci extension tool to predict a local top for WOO at $2.08, about 20% off the current $1.72 price. Technical chart:
According to Sherpa, the short-term target of altcoin DAO is $5
The third altcoin the analyst considers is DAO Maker, which aims to create a platform for individual venture investing in stocks and tokens. The project’s native token is up 36% in the DAO compared to last week. Altcoin Sherpa says that if the DAO can break out of critical levels, it could reach as high as $6.20. If the analyst’s prediction comes true, it will mark a gain of more than 55% for the DAO. Besides, Sherpa adds that the short-term target is $5.
cryptocoin.com Sherpa, whose analysis we share, is on the radar of Binance coin (BNB), the token of Binance, the world’s largest crypto exchange. Sherpa says he watches BNB in the Bitcoin pair (BNB/BTC) as a signal of what may happen in the near future:
Waiting for a breakout in BTC pair. Both look good (although USD is close to ATH levels, always a dangerous place). I’m still waiting for some kind of reaction from USD/BNB.
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