Which cryptocurrency could soon rise in price. Analyst names 4 altcoins
Michael van de Poppe is confident that the next growth spurt will significantly increase the value of some digital coins.
Trader Michael van de Poppet named four altcoins that he believes will show rapid growth in the near term.
The Ripple token (XRP) looks the most poised for growth and an all-time high, according to the analyst. If another boost occurs, the price of the digital coin could reach $2.8 (up 124 percent from current levels) and then surpass $4.3 (up 244 percent from current levels), van de Poppe said. XRP is trading at $1.25 on August 24. The cryptocurrency has risen 127% in the last month.
Ripple is currently facing legal action in the US. In late 2020, the Securities and Exchange Commission (SEC) accused the company of selling $1.3 billion worth of unregistered securities under the guise of XRP tokens.
The Stellar token has every chance of hitting a local high of $0.80 (up 116% from current levels) in the near future, the analyst predicted. At this level, the altcoin will linger for a while to build up its position and then return to growth, van de Poppe believes. Stellar stands at $0.37 on August 24. The digital coin is up 40% in a month.
Stellar is a decentralised blockchain platform for real-time cryptocurrency transactions. The platform uses the XLM token as an internal token.
Litecoin has managed to stay above a key support level paired with bitcoin, indicating the altcoin is poised to grow 170% to 0.01 BTC ($497 at the current exchange rate as of 10:20 MSK), the analyst said. Litecoin is trading at 0.0037 BTC ($183.9) against bitcoin on August 24.
Litecoin is a global decentralised p2p payment network built on the bitcoin blockchain.
At the moment, the XTZ token forms the basis for a 68% growth rate paired with bitcoin, van de Poppe pointed out. Tezos will eventually break out to the resistance zone, which is at 0.00013 BTC ($6.4), he said. On August 24, the altcoin is worth 0.000087 BTC ($4.3) against the bitcoin.
Tezos is a decentralised blockchain platform with support for smart contracts and the ability to create tokens and decentralised applications (dApps).