Credible, one of the well-known names in the cryptocurrency market, predicted a remarkable upward potential for XRP. The analyst pointed out that XRP’s technical structure is strong and stated that the price could increase by 719% in the coming period. XRP, which is currently trading at $ 2.44, may rise up to $ 20 according to the analyst.
Bullish Forecasting with Elliott Wave Theory
Analyst Credible based this bullish forecast on Elliott Wave Theory. According to this theory, market prices follow a five-wave movement. The most rising and remarkable part occurs in the third wave. Credible emphasized that XRP is currently on the verge of this third wave.
“It’s important not to forget the big picture. The technical structure of XRP is quite strong. Newly formed demand may push the price up.” The analyst stated, and his charts showed that the price could rise up to 20 dollars.
The analyst also noted that XRP may retest support levels below $2 in the short term. He stated that this region may offer a good buying opportunity for long-term positions. The analyst predicts that the rise will continue if XRP returns from these support levels and expects a target above $ 3 to be achieved in the first place. However, he specifically stated that there may be a correction movement after this level.
Technical Structure and Things Investors Should Pay Attention to
According to Credible’s statements, XRP’s price movement is quite solid and clear. Especially the third wave of the five-wave upward formation, which stands out in technical analysis, has high profit potential. The analyst stated that this process offers a great opportunity for XRP, and that especially long-term investors should consider the big picture.
“XRP is quite strong here. A new demand has arisen in the ORANGE region. This demand may lead the price upward again.” The analyst said that one should not focus too much on the short-term fluctuations of the market.
Traders are advised to be cautious if XRP retests support levels. It was stated that buying at these levels could provide great returns in the long term. However, it was emphasized that market conditions and developments in the sector should be taken into consideration.
Pointing out that the future performance of XRP depends on market conditions, the analyst said that XRP can break new records if the market provides suitable conditions for the rise.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
