A closely-followed crypto strategist and trader is updating his short-term forecast for XRP.
In a new tweet, the pseudonymous analyst, known in the industry as Credible Crypto tells his 102,600 followers that XRP is not done moving higher following its ascent to a 30-day high of $0.48.
“So I suspect we get our monthly close above $0.305 which would establish that level as HTF (high timeframe) ‘floor’ so then maybe a retest/consolidation above to digest this move and then continuation.”
Earlier this month, when XRP was trading at about $0.30, Credible predicted that XRP would soar to resistance around $0.50 and consolidate before resuming its bullish rally.
“For those who still have concerns about XRP, the best time to diversify would be in the $0.45-$0.50 region. This is the most logical place to expect a rejection if you think XRP is ‘dead.’ If/when we get past this region odds [that] we go much higher increase dramatically.”
In the long-term, Credible believes that XRP is poised to print a new all-time high even amid the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple.
“I expect XRP to make a new all-time high regardless of the status of the case. Of course, a settlement would be great and probably accelerate price appreciation but I don’t think XRP will ‘wait’ for the case to be resolved. Demand remains strong outside the US in my opinion.”
The SEC alleges Ripple illegally sold XRP as an unregistered security for years and says the San Francisco-based startup paid companies to use its line of borderless payments products.
XRP caught the attention of crypto traders after igniting a strong rally that catapulted the fourth-largest crypto asset to gains of over 40% in 24 hours. At time of writing, XRP is trading at $0.40, according to CoinMarketCap.
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