A closely followed crypto strategist believes that XRP is preparing for a bullish continuation after a strong rally last month.
Pseudonymous analyst Credible tells his 446,700 followers on social media platform X that he is closely monitoring XRP in his Ethereum pair (XRP/ETH).
According to the analyst, his initial target for XRP/ETH would bring XRP/USD to a price zone last seen in January 2018, when the altcoin hit its all-time high.
“We still have about 98% upside potential against ETH before my first main target on the XRP/ETH pair is reached.
At current ETH prices ($4,000), this would put XRP over $5.
In the immediate term, we are looking to recoup this short period for an upside of around 30%, which should take us above $3 for the first time in over six years.
Ultimately, Credible believes that XRP will hit a new all-time high during this cycle, potentially hitting a low of $10.
“I will expect double digits. I actively scalp/trade XRP when I can in my trading port and that’s how I “take profits” along the way, but I won’t touch the point until I think we are at the end of the XRP cycle. and we are still a long way from that at the moment.
At the time of writing, XRP is trading at $2.51.
As for the broader altcoin market, the crypto analyst expects old coins that have been beaten down over the past few years to reach record highs before the current bull market expires.
“Many people believe that the “old guard” will not reach new all-time highs (ATH) in USD because their market caps are now much higher due to token inflation…
I stand by the idea that most coins down 80-90% (and have been for months) will surpass their previous ATH by the end of this cycle (as long as they are not scams/ pure and simple carpets).
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