A prominent cryptocurrency analyst, known online as CredibleCrypto, is expressing an optimistic view on XRP. With over 450,200 followers on X, he shares that when XRP is compared to Bitcoin (BTC), it “looks absolutely fantastic.” This has sparked excitement in the community and investors alike, as CredibleCrypto plans to position himself for a long trade in the upcoming days.
His analysis, presented through a detailed chart on a one-hour timeframe, hints at an initial downswing for XRP before it could potentially surge by at least 65%. According to him, XRP seems to have developed an inverse head-and-shoulders pattern, a classic bullish indicator in technical analysis. “Still the most bullish-looking chart in the entire space off the lows in my opinion. Just a powder keg building pressure…”
At the current moment, XRP is trading at 0.00002323 BTC ($2.28), a point that could serve as a launchpad for future gains.
Shifting focus to Ethereum (ETH), CredibleCrypto anticipates that it will oscillate between $3,000 and $3,800, eventually finding a bottom around $2,800. Following this dip, he predicts that Ethereum could rally beyond its previous all-time high, possibly surpassing $6,000. Currently, Ethereum stands at $3,492.
In relation to the Ethereum/Bitcoin pairing, he suggests that Ethereum may need to retrace to the 0.02700 BTC to 0.02800 BTC range before he commits to a long position. He expresses that ETH/BTC is “grinding back down” after a brief rally, and securing an entry at this point could signal a significant bottom in the upcoming cycle. Presently, ETH is trading at 0.03542 BTC.
Investors, especially those eagerly watching the cryptocurrency market, should stay tuned for updates on these trends. The excitement surrounding XRP and Ethereum is palpable, and as always, educated decisions are key in such a volatile landscape.
Disclaimer: The opinions shared by The Daily Hodl do not constitute investment advice. It’s crucial for investors to conduct their own research before engaging in high-risk investments in cryptocurrencies or digital assets. Your trading decisions and potential losses are entirely your responsibility. The Daily Hodl does not endorse the trading of any cryptocurrencies or digital assets, nor do they offer investment advice. Keep in mind that The Daily Hodl is involved in affiliate marketing.
