An analyst known for making timely altcoin calls believes that XRP is gearing up for a massive move to new all-time highs and beyond.
Crypto trader Credible tells his 475,800 followers on X that he believes the payments altcoin is poised to break out to new all-time highs in the short term.
[adinserter block="1"]According to the analyst, XRP successfully retested the $2.80 level as support, setting the stage for the altcoin to shatter its final resistance at $3.65.
“Here is the idea behind this XRP long:
Very similar to our earlier ETH long, where we had a liquidity grab below the range, reclaim, and move to range highs.
Same idea here. We had a liquidity grab into local demand below the range lows, now attempting a reclaim, and targeting local supply and above that range highs.
Keeping in mind the very bullish high time frame (HTF). This trade may evolve into a more significant swing long if the move to range highs is impulsive.”
Credible also notes that market sentiment for XRP favors the third-largest crypto by market cap. He also highlights that XRP is in the midst of a multi-year consolidation, and a breakout will likely trigger an exponential move to the upside.
“There are very few charts that are as primed as XRP on the HTF.
It’s quiet now, but everyone will be talking about XRP soon…
We didn’t see seven years of consolidation just to brush past all-time high, when Bitcoin has now done over 6x its 2017 cycle highs. There is no doubt in my mind that XRP will do even more than that.”
At time of writing, XRP is worth $3.05.
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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 assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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