The roles are changing in the cryptocurrency market. XRP Coin, which has seen strong increases for a while, gave back some of its gains today. However, it continues to show strength above $2.4. This is why investors and traders expect more for the token. An analyst with a large following says that the peak has not yet come for XRP.
The analyst expects more for this cryptocurrency!
As you follow from Kriptokoin.com, there are strong signs for the altcoin season. While the leading cryptocurrency Bitcoin is stuck at $ 95,000, altcoins continue to advance. Some tokens, such as XRP, are consolidating with profit-taking after explosive moves. However, the rally may not be over. The analyst, nicknamed Credible Crypto, says XRP will probably rise more than 65% from its current value. According to his chart, the analyst suggests that XRP will soon reach $ 4.21. In this context, the analyst makes the following statement:
This was indeed the beginning of a larger upward movement. At this point, it looks like we are now in our third subwave (green structure), the second subwave was short and sweet (red box). The first subwave of the larger third subwave appears to be complete, but we have two more waves within this third subwave, which should smash the previous all-time high. People are already looking for peaks in XRP, but I think we are just warming up. The rise will be pure madness.
Credible Crypto applies the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price movements by following crowd psychology, which tends to manifest in waves. According to the theory, a bullish asset goes through five main waves, with each wave having its own five sub-waves.
Credible Crypto detected a ‘bull flag’ on XRP’s chart!
The analyst also suggests that XRP is forming a bull flag pattern on the monthly chart. In technical analysis, a bull flag indicates that an asset is consolidating and preparing for a new rally. In other words, this pattern is considered a continuation pattern. ‘Eight-four months of sideways price action in XRP was erased with a single monthly candle. Legendary,’ he says. Meanwhile, XRP was trading at $2.38 at the time of writing, down 5.35% in the last 24 hours. However, the token saw a 61.6% increase on its weekly chart. Moreover, the cryptocurrency advanced 368% on its monthly chart.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channel to stay up to date with breaking news !
