dailyhodl.com
A widely followed cryptocurrency analyst and trader is turning bullish on a large-cap altcoin that has more than doubled in price over the past two weeks.
The analyst pseudonymously known as Credible Crypto tells his 436,700 followers on the social media platform X that XRP is primed to reach a new all-time high a “lot quicker than most are expecting.”
“And I think it’s going to vastly outperform both Bitcoin and Ethereum from current levels while doing it.”
XRP is trading at $1.41 at time of writing, up by around 156% over the past two weeks.
Credible Crypto further says that XRP is on the cusp of entering the overbought zone of the Relative Strength Index (RSI) indicator on the monthly time frame. The RSI indicator, which is calibrated from 0 to 100, is used to determine overbought or oversold conditions, with levels between 70 to 100 indicating overbought conditions and levels between 0 to 30 indicating oversold conditions.
“This is bullish as f**k.
Contrary to popular belief, the higher RSI goes, the stronger the momentum is and the more bullish a coin is (absent bearish divergences) and like every other form of technical analysis the higher the time frame this is on, the more significant it is.
Next target is $2 and after that, we go for a new all-time high.”
According to the pseudonymous analyst, XRP also appears highly bullish in its Ethereum (ETH) pair and could be poised for triple-digit percentage gains against the second-largest crypto asset.
“XRP/ETH just reclaimed and retested a four-year-long range, with the first target being ~250% higher.”
Generated Image: Midjourney