A pseudonymous crypto strategist with a large following on Twitter is bullish on XRP.
The trader, known in the industry as Credible Crypto, tells his 113,100 followers that the crypto asset is likely to break out against Bitcoin in the short term.
[adinserter block="1"]“Did I mention I think XRP is gonna pop? Odds XRP increases against BTC here are HIGH. Betting that XRP will outperform BTC from current levels is an extremely low risk, high reward bet to make. I’m taking it.”
XRP’s price took a big hit in late December after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple alleging the company illegally sold the asset as an unregistered security and continues to do so to this day. Earlier this month, XRP briefly exploded in value to more than $0.70, but it has since lost much of that ground.
Still, the sixth-ranked crypto asset by market cap is trading around $0.51 at time of writing, up 30.6% in the past seven days, according to CoinGecko.
Despite its previous negative price action in response to the SEC lawsuit, Credible Crypto does not think the lawsuit will factor into XRP’s performance in the short term.
“Well the court decision (if it comes to that) is literally months away and so is not a factor that needs to be considered in the immediate short term. Risk is defined because we have a clear invalidation point and the upside potential, if current levels hold, is far greater.”
[adinserter block="1"]The analyst also believes XRP’s potential is capped at $10 as long as the lawsuit is ongoing.
“$30 was the highest in my range – $20-$30 was my expectation. I still think that range is feasible but I will likely start taking some profits as we approach $10 due to the uncertainty around the SEC situation.”
Credible Crypto has broadcast bullish opinions on XRP numerous times throughout the past seven months.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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 losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/lassedesignen
