A widely followed cryptocurrency analyst and trader believes the top is not yet in for one red-hot large-cap altcoin.
The analyst pseudonymously known as Credible Crypto tells his 443,500 followers on the social media platform X that payments-focused crypto asset XRP could surge more than 65% from its current value.
Credible Crypto practices the Elliott Wave theory, an advanced technical analysis approach that tries to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset goes through five major waves with each wave having its own five sub-waves.
“It was indeed the start of a larger move to the upside. At this point it looks like we are already well within our third sub-wave now (green structure), with the second sub-wave being short and sweet (red box). First sub-wave of the larger third sub-wave looks to be complete but we have two more waves within this third sub-wave to go, which should smash prior all-time high. People already calling tops on XRP, but in my opinion, I think we are just getting warmed up. The ascent is going to be pure mania.”
Looking at his chart, the analyst suggests that XRP may soon hit $4.21.
The analyst also suggests that XRP has formed a bullish flag pattern on the monthly chart.
In technical analysis, a bull flag is viewed as a continuation pattern, indicating that an asset is consolidating and gearing up for a fresh rally.
“Eight-four months of sideways price action on XRP erased in a single, monthly candle. Legendary.”
XRP is trading for $2.54 at time of writing, down 6.7% in the last 24 hours.
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