An analyst who became famous for his accurate predictions for Ripple in the crypto market says that XRP will ‘fly’ when it rises above the critical resistance area. The analyst also updates his outlook for leading crypto Bitcoin and leading altcoin Ethereum.
Ripple Oracle: This altcoin will fly!
A widely followed crypto analyst with the pseudonym Credible Crypto is expressing bullish sentiment on XRP after a US court rejected his attempt to challenge a decision by the US Securities Exchange Commission (SEC) in July that partially favored Ripple.
The analyst shared his latest predictions with his 346,700 followers on social media platform X. Credible Crypto says the court’s latest decision will trigger a rally in a highly liquid market. The analyst notes that in the current tight liquidity conditions, XRP must surpass the $0.60 resistance level to initiate an uptrend. In this context, Credible Crypto shares the following predictions for the altcoin:
If we overcome this, we will fly. We reject it, and that just means we’re not ready yet. First of all, we are currently experiencing this pause due to the lack of liquidity in the space. However, the rejection of the SEC’s attempted appeal is great news. It makes me even more excited for XRP as new money starts flowing back into this space… And it has increased my long-term belief in XRP.
Meanwhile, XRP was trading at $0.5251 at the time of writing, down 2% on a daily basis. The altcoin gained over 3% on a weekly basis.
Credible Crypto expects decline in BTC and ETH
The analyst then looks at the leading cryptocurrency Bitcoin (BTC). Credible Crypto says it expects BTC to respect the $24,800 support level if it corrects. After this, the analyst switches to the leading altcoin Ethereum (ETH). Credible Crypto says it is more bearish on the second-largest crypto by market cap. In this regard, the analyst makes the following evaluations:
ETH, on the other hand, wouldn’t be surprised to see a new local low as the lower demand range has already been tested and likely gives way in another test. We also have a zone of inefficiency just below the range bottoms and a more significant demand zone just below. BTC is maintaining a higher low above $24,800. In this case, ETH breaking to another local low would take BTC dominance to new highs. This further proves my opinion of the expected weakness in most altcoins and ETH/BTC for now.
Meanwhile, BTC is trading sideways at $27,515 at the time of writing. On the other hand, ETH lost 1.32% in the same time period, falling to $1,617.
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