A crypto analyst closely followed by the crypto community states that he is optimistic about XRP. altcoinHe believes that s are ready to outperform Bitcoin (BTC) and outperform BTC.
Known as Credible Crypto, the analyst has 257,400 Twitter followers; XRP’s price structure, native token of TRAC Data sharing protocol, which has risen more than 300 percent after being listed on Coinbase Pro OriginTrailHe says it’s very similar to his.
The analyst predicts that XRP will follow in the footsteps of TRAC and that this price action will push the cryptocurrency back to its previous all-time high of $3.40.
“The XRP chart below is from my last YouTube video I made about XRP back in August. The graph next to it is with the 5th wave that I discovered today, which has the same structure but is already in progress. [XRP’den] it shows another coin that is one step ahead. Do you understand what I mean?”
The trader, who also examines Ethereum, expects the next leg of ETH to start a new altcoin season after Ethereum’s breakout in Bitcoin (ETH/BTC) parity.
Also, Credible believes that Bitcoin dominance has probably already peaked, paving the way for an altcoin rally.
“The ETH/BTC pair broke out today and closed above the key resistance zone I was watching.” This is a great sign that BTC dominance may have already peaked and ETH-led altcoins are about to steal the show.”
The analyst, who always argues that the fall of Bitcoin dominance does not necessarily mean that the BTC price will fall, again stands behind this idea.
“No, it just means that if BTC is going up, the values of altcoins will probably go up faster as well. We saw this in 2017 when a lot of new coins started pouring into the market in the final stages of the bull run.”
No it just means that if BTC is rising alts will probably rise faster. We saw this in 2017 in the latter stages of the bull run as lots of new money started pouring in.
— CrediBULL Crypto (@CredibleCrypto) November 3, 2021
Taking a close look at the top crypto asset, Credible believes that Bitcoin is approaching a decision on whether it wants to break upwards or continue sideways.
According to their analysis, a rejection at $63,000-64,000 could take BTC back to a major support around $58,000.
“BTC is tagged 63-64k. Now to a new ATH [tüm zamanların en yüksek seviyesine] We’ll have to wait and see if we’re going to come out or reject resistance and continue horizontally.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.