A widely followed crypto strategist believes that massive rallies are on the table for payments-focused altcoin XRP.
Pseudonymous analyst Credible tells his 448,500 followers on the social media platform X that XRP appears to be gearing up for wave three of its five-wave surge on the four-hour chart.
[adinserter block="1"]Credible practices the Elliott Wave theory which states that a bullish asset tends to witness a five-wave rally where wave three represents the longest and steepest part of the surge.
Credible shares a chart that outlines XRP’s path to $20 before its five-wave rally comes to a conclusion.
“And for non-traders, you just need to zoom out a little so you don’t forget the big picture.
Structure on XRP here looks so freaking clean and bullish, it’s actually insane.
Forget what happens on these lower timeframes. It’s noise (for a non-trader), the big picture is incredibly and unequivocally bullish.”
At time of writing, XRP is trading for $2.44, indicating a potential rise of 719% if the altcoin hits the massive price target.
Zooming in, Credible believes it is within the realm of possibility for XRP to revisit a support level below $2 before taking off to new all-time highs.
“XRP looking solid here, fresh local demand formed in the ORANGE zone.
Any retests of that zone should be good long opportunities for those looking for an entry.
Ideally, we get something like what is pictured.”
Based on the trader’s chart, he appears to predict that XRP will first rally above $3 before witnessing a deep corrective move.
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