Popular cryptocurrency analyst Credible Crypto has predicted the price of XRP will undergo a massive rally in the near future, after enduring a healthy correction that will also affect the price of bitcoin.
In tweets published for his over 127,000 followers on the microblogging platform, Credible Crypto pointed out in an XRP chart he sees the cryptocurrency drop over 33% from its current price of $0.45, to support at $0.3.
From that zone, the price of the cryptocurrency would enter a massive rally that could see it hit $0.6. If XRP drops below $0.24 in the upcoming correction, however, the prediction would no longer be valid.
The price of XRP has dropped from a high near $0.7 last year after the U.S. Securities and Exchange Commission (SEC) announced a lawsuit against Ripple Labs and two of its executives, who are also significant XRP holders, alleging that they “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
The price of the cryptocurrency was trading around that zone thanks to Flare’s Spark token airdrop, which distributed tokens to every XRP holders. After an initial plunge, XRP holders banded together to support the cryptocurrency’s price, helping it recover to $0.62 before falling along with the rest of the cryptocurrency market.
Credible Crypto also expects other top cryptocurrencies to fall in the near future. As Daily Hodl reports, the analyst told his followers that the price of BTC may drop to $38,000 to $40,000 in a correction that would be “incredibly healthy” and would “set us up beautifully for bullish continuation.”
Per his words, investors should not fear prices drop but instead “embrace it.” If BTC pushes above $52,000, he believes the bottom of the correction may already be in. The analyst uses Elliott Wave Theory to assess market trends.
Elliott Wave Theory, it’s worth noting, is a method used to describe price movements in financial markets using fractal wave patterns. The theory uses recurrent long-term price patterns related to changes in investor sentiment and psychology to get to its results.
Featured image via Pixabay.