A cryptocurrency analyst and trader is highlighting a large-cap altcoin that he says looks extremely bullish.
In a new video, the analyst goes by the pseudonym as Credible Crypto tells According to its 65,700 YouTube subscribers, payments-focused digital asset XRP has one of the most bullish market structures in crypto, based on the charts.
“[XRP] is probably the most bullish altcoin right now…
XRP is currently one of the few coins that prints a very clear bullish impulsive structure on lower time frames, on higher time frames, on any time frame. And very easily recognizable…
That’s pretty much what we’re seeing here on XRP: that very clean price action showing impulsive price movements.”
The pseudonymous analyst, who regularly applies Elliott Wave theory in his technical analyses, says XRP could explode up to 1.295% from current levels.
In technical analysis, Elliott Wave theory suggests that a bullish asset witnesses a five-wave rally before a correction occurs in a three-wave pattern.
Says credibly,
“I think XRP is preparing for the next push to the upside here, after the push that started at $1.28. Once again, this next initial push to the upside… should take us to $4+ and new all-time highs.
The exciting thing is that this would be just a third sub-wave of a larger third wave move that should eventually take us to $5+ plus. And by the time we get ready for this final fifth wave, I would imagine we would have reached double digits at that point. And this fifth wave will take us to the blow-off top or eventual top of $20 to $30.”
XRP is trading at $2.15 at the time of writing.
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Generated image: Midjourney