A well-regarded cryptocurrency analyst believes that the altcoin XRP, which focuses on payments, is in a strong position to continue its bullish trend. The analyst, known as Credible, shares with his 439,700 followers on the social media platform X that XRP appears ready for renewed rallies after successfully holding its immediate support at $1.35.
According to Credible, XRP will experience further upward movements as long as Bitcoin (BTC) does not negatively affect the market. He states, “XRP looks fantastic here as long as BTC doesn’t ruin the party. We 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.”
However, the trader cautions that his bullish outlook for XRP will be invalidated if Bitcoin causes a market-wide downturn. In the event that BTC suddenly collapses, Credible predicts that XRP could pull back by at least 22% from its current levels.
Credible follows the Elliott Wave theory, which suggests that a bullish asset undergoes a series of rallies in a five-wave upward move. As of the time of writing, XRP is trading at $1.44, while BTC is valued at $94,150.
Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are done at one’s own risk, and any resulting losses are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice.
