Widely-followed trader and analyst Credible Crypto says XRP is setting the stage for a massive eruption.
In a new tweet, the crypto strategist tells his 142,700 followers that he believes Ripple’s native asset is building up momentum from both the fundamental and technical standpoints.
“XRP coiling up on the chart like an HBAR-barian (Hedera Hashgraph), Ripple putting pressure on the U.S. Securities and Exchange Commission (SEC) in the lawsuit, and some very valid reasons as to why XRP should (and could) be re-listed by major US exchanges. A massive pump is on the horizon. I hope you’re prepared to be a part of it.”
Last week, the SEC sent a letter to U.S. District Judge Analisa Torres of the Southern District New York to oppose the intervention of XRP holders in its lawsuit against Ripple.
With Ripple’s legal issues showing signs of cooling off, Credible Crypto says XRP can potentially skyrocket to $4.32 from its current price of $0.54 and generate gains of 700% as it follows the footsteps of Hedera Hashgraph.
“XRP really starting to look like HBAR did before it ran 8x… We have a potential breakout of our consolidation pattern. When HBAR broke out in the same manner it was 2 months ago at around $0.05… We are at resistance, but this could be big if we get past it.”
In the near term, the trader believes that XRP will take out resistance around $0.56 and ignite a rally that can send the seventh-largest crypto asset above $0.70.
“I have marked off that resistance level here in RED. Note that we ended up rejecting off of it, but now we have bounced back and are attacking it again. I’m quite hopeful that we will break it soon.”