A widely followed cryptocurrency analyst and trader believes the top isn’t ready for one red-hot large-cap altcoin just yet.
The analyst, pseudonymously known as Credible Crypto tells Payments-focused crypto asset XRP could rise by more than 65% from its current value, according to its 443,500 followers on social media platform
Credible Crypto practices the Elliott Wave Theory, an advanced technical analysis approach that attempts to predict future price action by monitoring the psychology of the crowd that often manifests itself in waves. According to the theory, a bullish asset goes through five major waves, with each wave having its own five sub-waves.
“It was indeed the beginning of a bigger step upwards. At this point it appears that we are now well within our third subwave (green structure), with the second subwave being short and sweet (red frame). The first subwave of the larger third subwave appears to be complete, but we still have two more waves within this third subwave to go, which should break before the all-time high. People are already calling top about XRP, but in my opinion I think we’re just getting warmed up. The ascent becomes pure mania.”
Looking at his chart, the analyst suggests that XRP could reach $4.21 soon.
The analyst too suggests that XRP has formed a bullish flag pattern on the monthly chart.
In technical analysis, a bull flag is seen as a continuation pattern, indicating that an asset is consolidating and gearing up for another rally.
“Eight-four months of sideways price action on XRP erased in a single monthly candle. Legendary.”
XRP is trading at $2.54 at the time of writing, down 6.7% in the past 24 hours.
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