A closely watched crypto analyst thinks the payments-focused altcoin XRP is in a strong position to witness a bullish continuation.
Pseudonymous analyst Credible tells his 439,700 followers on social media platform
According to the crypto strategist, XRP will see more increases as long as Bitcoin (BTC) does not play the spoiler.
“XRP looks great here, as long as BTC doesn’t crash the party.
I would expect a move to the range highs of at least $1.60+, but this could be the start of a bigger move to the upside.”
But the trader warns that his bullish outlook for XRP will be invalidated if Bitcoin takes down the entire crypto market. In a situation where BTC collapses abruptly, says the crypto strategist sees XRP is retreating at least 22% from current levels.
“If BTC breaks, XRP will likely make a move below $1.10, confirming the completion of our first major surge on XRP from $0.48-$1.62.
If XRP breaks below $1.10 there is a great dip buying opportunity somewhere below that and above $0.48, but if .”
Credible practice of Elliott Wave theory, which states that a bullish asset goes through a series of rallies in a five-wave upward movement.
At the time of writing, XRP is trading at $1.44, while BTC is worth $94,150.
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Generated image: Midjourney