A cryptocurrency analyst and trader is highlighting one large-cap altcoin that he says appears massively bullish.
In a new video, the analyst pseudonymously known as Credible Crypto tells his 65,700 YouTube subscribers that payments-focused digital asset XRP has one of the most bullish market structures in crypto based on the charts.
“[XRP] is probably the most bullish altcoin in the space right now…
XRP is one of the few coins right now that is printing a very clear bullish impulsive structure on lower time frames, on higher time frames, on every time frame. And very easily cleanly identifiable…
That’s kind of what we’re seeing here on XRP – is that very clean price action that shows impulsive price movement.”
The pseudonymous analyst, who regularly applies the Elliott Wave theory in his technical analysis, says that XRP could explode by up to 1,295% from the current level.
In technical analysis, the Elliott Wave theory suggests that a bullish asset witnesses a five-wave rally before a correction occurs in a three-wave pattern.
Says Credible,
“I do think XRP here is gearing up for that next impulse to the upside following the one that started off at $1.28. Again this next initial impulse to the upside should… take us to $4+ and new all-time highs.
The exciting thing is that would be just a third sub-wave of a larger third-wave move that ultimately should take us to $5+ plus. And by the time we’re gearing up for this final fifth wave, I would imagine that we would have hit double digits at that point. And this fifth wave will take us to the blow-off top or the final top of $20 to $30.”
XRP is trading at $2.15 at time of writing.
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