XRP’s price can break its all-time high, according to an analysis by Credible Crypto, a technical analyst, via YouTube a few hours ago. They forecasted a sustained upward rally for XRP.
To get to this forecast, he used the Elliott wave theory. It is a method used by experts for technical analysis that looks for recurring long-term patterns regarding ongoing changes in the usual behaviors of investors, sentiments, and their psychology.
As the analyst noted, after XRP’s consolidation in the $0.24 range, there was a strong and sudden upward rally, which he expected would happen. When the first wave happened, the price of XRP rose to $0.33 and consolidated in the region of $0.21 shortly after. On the other hand, when the third wave began, Credible Crypto analyzed it as follows:
“I mentioned that the minimum target for the major third wave will be around $0.63. We have hit that minimum target, and now we can definitely go higher than one Dollar. This is the next major area of resistance. Then I am expecting some sideways movement before wave four, before a major wave fifth which could absolutely extend.”
Credible Crypto also said that, currently, it is not an ideal time to sell XRP yet. Considering the previous movements of its price and the current sentiments regarding the market, he believes that the chances of XRP’s price will increase tenfold next month are high.
Although, he also attributed this possible explosive growth depending on the price of Bitcoin. As seen before, each time that Bitcoin broke through its all-time high, other cryptocurrencies and altcoins would reach their all-time highs within the next two months. The analyst had this to say regarding this:
“In prior times, Bitcoin broke an all-time high, the altcoins typically reached their all-time highs within two months. What that means is, as you already know from the first part of the video, I am expecting Bitcoin to break its all-time high with the next week or two weeks […] I suspect XRP to break its all-time high within the next one or two months after Bitcoin breaks its all-time high.”
Although, Credible Crypto also pointed out that in the Elliott wave theory, it will take five weeks for a parabolic rise to happen. As of today, the third wave is yet to be completed. He expects XRP’s price to peak at $1.00, and it has to overcome a strong resistance once it hits the $0.90 region. After that, there is a chance that a stronger correction at $0.78 would happen for the fourth wave.
The analyst currently recommends and puts the “buy the dip zone” at $0.3761 to $0.4183, but he doesn’t think that there is a guarantee that XRP will drop to this zone again. The current dip to $0.45 may already be the bottom for XRP. Also, a price breach that will drop it to $0.33 is even less likely, although the entire chart pattern will be invalidated if this were to happen.
Credible Crypto is a well-known XRP bull and has predicted the price of XRP would increase by more than 1000% in his previous analysis. These predictions would put XRP’s price around the $25 to $30 region. As of writing, XRP is trading at $0.62, a 13% rise within the last 24 hours. The monthly chart shows a huge increase of around 157%.