dailyhodl.com
A closely followed crypto analyst and trader says XRP is getting ready to ignite a strong move to its all-time high, while adding that demand for Ethereum (ETH) looks healthy.
The pseudonymous analyst Credible tells his 249,600 Twitter followers that XRP appears to be mirroring price action from earlier this year when it surged from around $0.30 in March to its 2021 high of $1.96 in April.
“If these two structures look similar, it’s because they are. Almost mirror images, except the current consolidation is a larger, longer consolidation structure.
1. Consolidation precedes expansion.
2. The greater the consolidation, the larger the expansion that follows. XRP.”
Should XRP follow the script, Credible predicts that the ensuing price action could take the sixth-largest crypto asset back to its all-time high of $3.84.
“The move to $10+ is not going to happen from this next leg of expansion. This next leg should take us close to/maybe a bit past new ATH (all-time high). There will be more periods of consolidation/expansion that follow.”
Credible adds that he expects XRP to surge past $10 this cycle, marking an upside potential of at least 800% from its current value of $1.09.
“Expecting $10+ this cycle – not sure how long it will take, ideally hitting $20-$30.”
Looking at Ethereum, Credible says that buyers are quick to scoop up the leading smart contract platform every time it hits key support levels.
“ETH looking real healthy here as we maintain our reclaim of supply and dips to key areas of demand are quickly bought up. Continue to the pump to new ATH.”
