Closely-followed trader and analyst Credible Crypto says that Ripple’s native asset XRP is setting up for a massive surge to a new all-time high (ATH).
In a new tweet, the crypto trader says that XRP’s current downward correction is approaching the crucial 0.618 Fibonacci retracement support, a level that many traders keep a close eye on for a possible bounce.
According to the crypto strategist, $1.07 is a prime area to catch a ride to the stratosphere on XRP. For traders more confident in XRP and less concerned about the perfect entry point, the $1.12 to $1.20 range is also a viable place for a bullish bid.
“This last impulse is complete and took us from $0.50-$2 ($1.50 move). The next impulse should be even stronger. The correction is approaching the .618 and high timeframe support. Downside is limited and the next impulse up probably takes us to a new all-time high. Do the math. XRP is a bargain here.”
The trader says that ideally, XRP can form support at this level for a week or two before making its way upward.
“We want this strong base to form rather than a quick pump out of this correction because it will allow the next impulse to be much stronger.”
Aside from XRP, Credible Crypto has got his eye on the world’s largest crypto by market cap as a signal for the rest of the markets at large. The analyst says Bitcoin could be on its way down to $39,000 where it can then be reaccumulated before its next leg up to a new all-time high.
“If we want to go to $100,000, these periods of re-accumulation are necessary and healthy.”
As for Dogecoin (DOGE), the trader doesn’t rule out another explosion in the meme crypto asset, but also won’t recommend buying it to his friends.
“I’ve had like literally 8-10 friends ask me if they should buy DOGE as an investment. Will it pump again? Absolutely. Would I ever advocate buying a ‘meme’ coin to someone that I care about? No. SAFEMOON is the same…
It’s a gamble, a game. The initial holders get a portion of the tokens with every transaction right? It enriches the original holders, serves no utility but to make them wealthy, and leaves newcomers holding their bags.”
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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 cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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