A closely followed crypto analyst thinks that payments-focused altcoin XRP is in a strong position to witness bullish continuation.
Pseudonymous analyst Credible tells his 439,700 followers on the social media platform X that XRP looks ready for renewed rallies after holding its immediate support at $1.35.
[adinserter block="1"]According to the crypto strategist, XRP will see more bursts to the upside as long as Bitcoin (BTC) doesn’t play the spoiler.
“XRP looks fantastic here as long as BTC doesn’t ruin the party.
Would expect a move to the range highs at $1.60+ at the minimum but this could be the start of a larger move to the upside.”
But the trader warns that his bullish outlook for XRP will be invalidated if Bitcoin drags the whole crypto market down. In a situation where BTC abruptly collapses, the crypto strategist sees XRP pulling back by at least 22% from current levels.
“If BTC breaks down, then XRP probably makes a move below $1.10 which confirms the completion of our first major wave one on XRP from $0.48-$1.62.
If XRP breaks below $1.10, it will be a great dip buying opportunity somewhere below that and above $0.48, but if XRP holds here and we get that fifth wave extension then there’s a decent chance we won’t see sub $1 again.”
Credible practices the Elliott Wave theory, which states that a bullish asset goes through a series of rallies in a five-wave upside move.
At time of writing, XRP is trading for $1.44 while BTC is worth $94,150.
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