dailyhodl.com
A closely followed crypto analyst thinks that payments-focused altcoin $XRP is in a strong position to witness bullish continuation.
Pseudonymous analyst Credible tells his 439,700 followers on the social media platform X that $XRP looks ready for renewed rallies after holding its immediate support at $1.35.
According to the crypto strategist, $XRP will see more bursts to the upside as long as Bitcoin ($BTC) doesn’t play the spoiler.
“$XRP looks fantastic here as long as $BTC doesn’t ruin the party.
Would expect a move to the range highs at $1.60+ at the minimum but this could be the start of a larger move to the upside.”
But the trader warns that his bullish outlook for $XRP will be invalidated if Bitcoin drags the whole crypto market down. In a situation where $BTC abruptly collapses, the crypto strategist sees $XRP pulling back by at least 22% from current levels.
“If $BTC breaks down, then $XRP probably makes a move below $1.10 which confirms the completion of our first major wave one on $XRP from $0.48-$1.62.
If $XRP breaks below $1.10, it will be a great dip buying opportunity somewhere below that and above $0.48, but if $XRP holds here and we get that fifth wave extension then there’s a decent chance we won’t see sub $1 again.”
Credible practices the Elliott Wave theory, which states that a bullish asset goes through a series of rallies in a five-wave upside move.
At time of writing, $XRP is trading for $1.44 while $BTC is worth $94,150.
Generated Image: Midjourney