According to Credible Crypto, a popular crypto analyst and trader, Ripple’s digital token XRP is set for another phase of its rally, which would lead to taking out the next major resistance.
The pseudonymous analyst told his teeming followers on Twitter that XRP against Bitcoin pair (XRP/BTC) is likely showcasing signs of forming a new market structure.
The top crypto trader further confirmed his thesis by looking at the weekly XRP/USD chart, forecasting a minor correction for XRP before embarking on an uptrend to $1, and then $1.6.
Credible Crypto tweeted:
“That is the strongest daily candle we have seen on XRP/BTC in 6 months. We have broken our falling wedge downtrend line and a key cluster of resistance. May have avoided the breakdown I was concerned about. Will get more confirmation in the coming days if this move is legit. $XRP
“Now that a couple of days have passed- this is what I would like to see (and expect) moving forward- as long as .70-.80 is held I expect continuation to the upside.”
Now that a couple of days have passed- this is what I would like to see (and expect) moving forward- as long as .70-.80 is held I expect continuation to the upside. $XRP https://t.co/AfXDIFJ4Bb pic.twitter.com/uTOduJw8qs
— Credible Crypto (@CredibleCrypto) February 9, 2022
Bitcoin (BTC) to Dip Slightly Before a Race to $50,000
Looking at Bitcoin (BTC), the largest crypto by market cap, the analyst is looking forward to something similar to his aforementioned prediction for XRP. According to Credible Crypto, traders can expect at least a 10% dip before a continuation up to $50,000.
“Now that we are at monthly resistance we may see a pullback. Even if we do, a higher low to $38-$40k would be ‘healthy’ followed by continuation to 50k and a reclamation of our monthly resistance after which point I’ll have my sights set on a new ATH.”
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