A widely followed analyst is predicting a massive new all-time high this year for one payment-focused altcoin.
Pseudonymous analyst Credible Crypto tells his 465,400 followers on the social media platform X that XRP may soar more than 976% percent its current value.
The analyst utilizes the Elliott Wave theory, which states that a bullish asset tends to see a five-wave surge where waves two and four are corrective periods and waves one, three and five are upside moves.
“Big picture.”
Looking at his chart, the analyst suggests XRP is on the verge of forming a third wave; ultimately, he suggests that the fifth wave may take XRP to $28.
He also says XRP may not dip below $2 any time soon as market conditions, such as open interest, appear to be mirroring similar conditions before the previous breakout.
Open interest is the total number of derivatives contracts taken out for an asset.
“XRP still down about 15% from where I took profit on perp longs but starting to doubt that I may get another chance to re-load below $2. Open interest has completely reset back to levels it was at before our 5x impulse off the lows, spot premium is steadily increasing here at the highs, and funding is even flipping negative. Overall XRP looks incredibly healthy here and any dips that we may get are a gift.”
XRP is trading for $2.60 at time of writing, up 3.9% in the last 24 hours.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
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.
Generated Image: Midjourney
