A widely followed crypto analyst expresses bullish sentiment on a large-cap altcoin while updating his views on Bitcoin (BTC) and Ethereum (ETH).
In a new thread, pseudonymous crypto trader Credible Crypto tells his 408,700 followers on social media platform
According to Credible Crypto, XRP is now poised for a boom as its legal battle with the US Securities and Exchange Commission (SEC) ended with a $125 million fine.
“New all-time highs [for XRP] It’s a matter of when, not if.”
XRP, which is trading at $0.614 at the time of writing, would need to rise about 454% to surpass the all-time high of $3.40 set in January 2018. In the last 24 hours, XRP is up 19%.
As further stated by the analyst,
“XRP remains a top 10 cryptocurrency in terms of market capitalization. It doesn’t matter what you or I think about its usefulness; the market, as a collective, tells you they value 99+% of this space, and that’s a fact. It will be in the spotlight again whether you like it or not.
The SEC first sued Ripple in December 2020, alleging that the company was selling unregistered securities.
As for Bitcoin, the strategist says the flagship crypto asset is poised to “take another step up” amid a shift in market sentiment.
“New bids are now stacked below the price, while the above questions have been removed. On the bidding side, the books are now more heavily skewed.”
Bitcoin is trading at $57,942 at the time of writing, down 10% in the last seven days.
Concluding its analysis with smart contract platform Ethereum, Credible Crypto says that ETH will likely behave differently from Bitcoin in the near term and find a lower low.
“The gut feeling is that BTC has probably bottomed, but ETH will still make a marginal lower bottom.”
Ethereum is trading at $2,468 at the time of writing, down 23% in the last seven days.
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Generated image: DALLE3
