Prominent cryptocurrency analyst Credible Crypto has predicted that the price of XRP is likely near a bottom when trading against the flagship cryptocurrency bitcoin and sees it reverse to outperform the cryptocurrency.
In a tweet, Credible Crypto shared a chart illustrating his thoughts and added that it’s worth considering XRP is “on a major historical support” when trading against the U.S. dollar. The cryptocurrency, it’s worth noting, has been dropping from a near $2 high since April of this year.
As Daily Hodl reports, the cryptocurrency analyst has in the past revealed a massive XRP price prediction, seeing the cryptocurrency surge to $20 in the future. In a shorter timeframe, he sees the seventh-largest crypto by market capitalization climb back to the $1 mark.
In March of this year, Credible Crypto accurately predicted that the price of XRP would undergo a massive rally after enduring a healthy correction. At the time, the cryptocurrency was trading close to $0.5 and started surging later that month to approach $2 by April.
It’s worth noting the cryptocurrency’s price had been on a downtrend at the time 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.”
Other analysts, however, aren’t as bullish on the cryptocurrency. Peter Brandt, a veteran trader who accurately predicted bitcoin’s 80% drop in 2018, has revealed he sees XRP drop against BTC in the future as it has formed a head and shoulders pattern.
According to Investopedia, a head and shoulders pattern formation predicts a bullish-to-bearish trend reversal and is “believed to be one of the most reliable trend reversal patterns,” which would imply that DOGE’s upward trend is coming to an end, and that the cryptocurrency is about to drop exponentially.
Credible Crypto often uses analyst uses Elliott Wave Theory to assess market trends. Elliott Wave Theory 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
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.