A closely followed crypto strategist thinks that the payments network XRP is gearing up to witness a big move to the upside.
Pseudonymous analyst Credible tells his 380,200 followers on the social media platform X that XRP is about to enter a phase when it outperforms Bitcoin (BTC), Ethereum (ETH) and the broader crypto market.
According to the analyst, XRP appears to be flashing a bullish reversal signal against Bitcoin (XRP/BTC) and Ethereum (XRP/ETH).
“Still in the position on XRP from below and just added on to it for a third time, averaging up.
XRP/BTC and XRP/ETH both just printed and confirmed bull divs on the [three-day chart].
That window of outperformance that I discussed in my last update video on XRP may be right around the corner.”
A bullish divergence suggests that an asset is gaining bullish momentum even if the price continues to drop or trades sideways.
As for his price target, Credible thinks that the XRP/BTC pair can go up by about 250% from current levels, suggesting a move toward 0.0000356 BTC ($2.55).
At time of writing, XRP/BTC is trading at 0.00000958 BTC ($0.68).
The trader is also bullish on ETH. Credible predicts that Ethereum will continue rallying before witnessing a significant retracement.
“With BTC having now tagged its prior all-time high, everyone knows that ETH is inevitably next.
If you’re on the sidelines at the moment, you’re hoping for a wick to $3600-$3700, but so is everybody else.
Would not surprise me to see ETH simply keep pumping another 25%+ to the upside before any significant pullback.”
Credible also says that he sees Ethereum tagging the five-figure price level during this market cycle.
“$10,000+ minimum, I think $20,000 or thereabouts is feasible though.”
At time of writing, Ethereum is trading for $3,983.
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