A widely followed cryptocurrency analyst and trader is bullish on XRP.
The pseudonymous analyst known as CredibleCrypto tells his 450,200 followers on Bitcoin (BTC)-related social media platform X, XRP “looks absolutely fantastic.”
The trader says he plans to enter a long position in the coming days.
Based on the analyst’s 1-hour time frame chart, he seems to suggest that XRP could initially trend down before skyrocketing at least 65%.
It also appears that the analyst believes that XRP has formed an inverse head-and-shoulders pattern during the same period. An inverted head and shoulders pattern is considered a bullish signal in technical analysis.
“In my opinion, this is still the most bullish chart in the entire space, relative to the lows. Just a powder keg that creates pressure…”
XRP is trading at 0.00002323 BTC ($2.28) at the time of writing.
Next up is Ethereum (ETH). CredibleCrypto claims that ETH is expected to trade in a range between $3,000 and $3,800 before peaking at around $2,800.
Based on the pseudonymous analyst’s chart on a 12-hour time frame, he suggests that Ethereum could then reach a new all-time high above $6,000.
Ethereum is trading at $3,492 at the time of writing.
As for the Ethereum/Bitcoin pair, the widely followed analyst says he still targets Ethereum to fall around the 0.02700 BTC to 0.02800 BTC level before he can enter a long position. According to CredibleCrypto, ETH/BTC is now “retreating” after an initial rally.
“This would be an absolutely epic entry if we get it, which will likely also mark the bottom of this cycle on ETH/BTC.”
ETH is trading at 0.03542 BTC at the time of writing.
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Featured image: Shutterstock/Zaleman/INelson
