The pseudonymous analyst and trader known in the industry as Credible Crypto says Ripple’s native token XRP is positioning to ignite a massive move up.
In a new video, the analyst says that the bear market bottom is already in for the third-largest cryptocurrency and he expects XRP bulls to start flexing their muscles soon.
“We’re now at the stage where XRP is about the break that high, so I’m looking for an expansion to the upside and my initial area of resistance is going to be this $0.40 region. Then, we may come down for a correction to retest these highs and then I expect we get our major wave three to start. That major wave three is going to be larger than the major wave one… We’d expect our wave three to travel, at the very minimum, to $0.67. That’s a massive move. That’s double where we are at right now.”
Credible Crypto analyzes XRP’s price action using Elliott Wave Theory. The advanced technical analysis method relies on identifying recurring wave patterns that show the repetitive behavior of market participants. Based on Elliott wave principles, the third wave is typically when the most explosive price expansion occurs in a bull cycle.
As for Bitcoin, the crypto strategist believes that the crypto king is now in bull territory. He sees the top cryptocurrency gunning for $14,000 resistance in the near term.
“Now that we’re above [the $10,000] level, it is essentially acting as support. So for me, this is essentially our new floor before we break $14,000. I do expect that this area essentially holds and then eventually we grind our way up to $14,000 plus. I’m expecting us to reach above $14,000.”
Featured Image: Shutterstock/Ahmed Muntasir