A popular crypto strategist and trader says XRP is ready for another phase of its rally up to the next major resistance level.
The pseudonymous analyst known as Credible Crypto tells his 307,000 Twitter followers that XRP’s Bitcoin pair (XRP/BTC) may be giving signs that a new market structure is forming.
“That is the strongest daily candle we have seen on XRP/BTC in 6 months. We have broken our falling wedge downtrend line and a key cluster of resistance. May have avoided the breakdown I was concerned about. Will get more confirmation in the coming days if this move is legit.”
The analyst then confirms his thesis by looking at the weekly XRP/USD chart, predicting a slight correction before a breakout to $1 and then $1.60.
“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.”
Looking at Bitcoin (BTC), the crypto analyst is anticipating something similar for the largest digital asset by market cap. According to him, traders can expect at least a 10% dip before a continuation up to $50,000.
“Now that we are at monthly resistance we may see a pullback. Even if we do, a higher low to $38-$40k would be ‘healthy’ followed by continuation to 50k and a reclamation of our monthly resistance after which point I’ll have my sights set on a new ATH.”
The analyst also expects an 87% rally in decentralized exchange (DEX) and automated market maker (AMM) protocol Curve (CRV). After hitting reaching the $7 mark or so, Credible expects another break out above that in the coming months.
“CRV perking up a bit. As per my last update if we keep pushing the $4-$5 region is resistance. Reclaim that and we get confirmation the bottom is in. I still expect the GREEN path to play out- that is an initial rejection, some consolidation for a higher low, THEN our breakout.”
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Source: https://dailyhodl.com/2022/02/09/xrp-ready-to-take-out-next-resistance-according-to-crypto-analyst-heres-his-target/