According to Credible Crypto, a popular crypto analyst and trader, Ripple’s digital token XRP is poised to take its rally to the next level by removing its next big resistance. The analyst said on Twitter that XRP against the Bitcoin pair (XRP/BTC) is likely showing signs of forming a new market structure.
The popular crypto trader reaffirmed his thesis by looking at the weekly chart of XRP/USD: first he predicted a minor correction for XRP and then a rise to $1 and $1.6 respectively.
Now that a couple of days have passed- this is what I would like to see (and expect) moving forward- as long as .70-.80 is held I expect continuation to the upside. $XRP https://t.co/AfXDIFJ4Bb pic.twitter.com/uTOduJw8qs
— Credible Crypto (@CredibleCrypto) February 9, 2022
On February 8, the analyst first reported that XRP price action has broken the downtrend and the next few days will be critical for XRP:
“This is the strongest daily candle we’ve seen in XRP/BTC in 6 months. We have broken our descending wedge (wedge) downtrend line and an important cluster of resistance. We could be protected from the breakage I’m worried about. If this move is correct, it will receive more confirmations in the coming days.”
The analyst added the following a day later:
“Now that a few days have passed – this is what I want (and expect) to see progress: as long as 0.70-0.80 is maintained, [XRP’nin] I expect it to continue on the upside.”
As can be seen, Credible Crypto expects the XRP pair to continue its rally against the USD to $1 and $1.6 in the coming weeks as long as the cryptocurrency holds the current price level between $0.7 and $0.8.
Bitcoin (BTC) May Drop Before $50,000 Race
Analyst, who also examines Bitcoin (BTC), the largest crypto by market value, looks forward to a situation similar to the above-mentioned forecast for XRP for BTC. waiting.
According to Credible Crypto, traders can expect a drop of at least 10% before continuing to $50,000.
“Now that we are at monthly resistance, we may see a pullback. Even if we do, a drop to $38-40k will be ‘healthy’, then continue to 50k and regain our monthly resistance, from which point I will turn my eyes to a new ATH.”
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.