rewrite this content using a minimum of 1000 words and keep HTML tags
A closely followed crypto strategist believes XRP is gearing up for bullish continuation after rallying hard last month.
Pseudonymous analyst Credible tells his 446,700 followers on the social media platform X that he’s keeping a close watch on XRP in its Ethereum pair (XRP/ETH).
According to the analyst, his initial target for XRP/ETH would bring XRP/USD to a price area last witnessed in January 2018 when the altcoin reached its all-time high.
“We still have another ~98% of upside to go against ETH before my first main target on the XRP/ETH pairing is met.
At current prices of ETH ($4,000), that would put XRP at over $5.
In the immediate short term, looking for a reclaim of this low time frame range for a ~30% move to the upside which should put us over $3 for the first time in over six years.”
Ultimately, Credible believes that XRP will explode to a new all-time high this cycle, potentially reaching a minimum of $10.
“Will wait for double digits. I’m actively scalping/trading XRP when I can in my trading port and so this is how I ‘take profits’ along the way but I won’t be touching spot till I think we are at/near the end of the XRP cycle and we are a ways away from that at the moment.”
At time of writing, XRP is trading for $2.51.
As for the broader altcoin market, the crypto analyst expects old coins that have been battered over the past few years to soar to record highs before the current bull market expires.
“A lot of people think many of the ‘old guard’ won’t make new all-time highs (ATHs) in USD because their market caps are much higher now due to token inflation…
I stand by the idea that most coins that are down 80-90% (and have been for months) will blow past their prior ATH by the end of this cycle (as long as they’re not outright scams/rugs).”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: DALLE3
Read the full article here
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
Source link
