A popular crypto analyst is updating his near-term forecast for XRP.
The pseudonymous analyst, known in the industry as Credible Crypto, tells his 82,000 Twitter followers that XRP appears poised to once again make a significant move to the upside.
The strategist, who relies on Elliott Wave Theory to assess market trends and investor behavior, expects XRP’s breakout to continue. However, he says all bets are off in the short-term if BTC moves below the $18,800 level.
“If this 19,000 level holds, I expect we go for new ATH (finally) next. Anything below 19k will have to wait at that point in my opinion… 18.8-19k to be exact.”
If Bitcoin’s price holds up, the analyst expects XRP to move from its current price of about $0.61 to around $1.15.
If Bitcoin does break down, fellow analyst Michaël van de Poppe says XRP is likely to move to the $0.36 area.
He also believes XRP is targeting $1.00, based in part on momentum from the upcoming Flare airdrop.
“The momentum is on Bitcoin, but there is also significant momentum on XRP as there is an airdrop approaching in the coming week…
The $0.22 [mark] flipped for support which granted that we’ve made a higher low structure in this upward structure during the year 2020 after which this downtrend broke to the upside, resulting in such a massive impulse wave toward $0.80.
However, as XRP frequently has those massive moves, a correction is most likely to happen through which we can anticipate potential support around $0.45 and potentially at $0.36 to $0.32 if Bitcoin starts to correct. If that happens the next impulse wave might go toward $1.00-plus.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Sittipong Phokawattana