An influential crypto analyst believes that XRP, a cryptocurrency focused on payments, is well-positioned for a bullish continuation.
The analyst known as Credible, with a substantial following of 439,700 on the social media platform X, suggests that XRP is poised for a surge after holding steady support at $1.35.
As per Credible, XRP is likely to experience further upward movements unless Bitcoin interferes with its momentum.
“XRP appears strong at this point, barring any negative impact from BTC. We could see a move towards the upper range of $1.60 or higher, and this may just be the beginning of a larger upward trend.”
However, the analyst cautions that a bearish turn in Bitcoin could impact the entire crypto market, leading to XRP retracing by at least 22% from its current levels.
“If BTC falters, XRP might drop below $1.10, signaling the completion of the initial major wave in XRP’s price action from $0.48 to $1.62.”
If XRP does dip below $1.10, it could present a buying opportunity below that level but above $0.48. On the other hand, if XRP holds its ground and extends its fifth wave, the chances of dropping below $1 diminish.”
Credible applies the Elliott Wave theory, which suggests that a bullish asset goes through a series of rallies in a five-wave upward pattern.
At the time of writing, XRP is trading at $1.44, with Bitcoin priced at $94,150.
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