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A widely followed crypto analyst is expressing bullish sentiment on a large-cap altcoin while updating his outlook on Bitcoin (BTC) and Ethereum (ETH).
In a new thread, pseudonymous crypto trader Credible Crypto tells his 408,700 followers on the social media platform X that XRP, the token used to operate Ripple Labs’ payments platform, is due for a “inevitable mega run” now that its legal troubles are over.
According to Credible Crypto, XRP is consequently now set for an explosion now that its legal bout with the U.S. Securities and Exchange Commission (SEC) ended with a $125 million fine.
“New all-time highs [for XRP] are a matter of when, not if.”
XRP, which is trading at $0.614 at time of writing, would need to go up by around 454% to surpass its all-time high of $3.40 set in January 2018. Over the past 24 hours, XRP is up by 19%.
As further stated by the analyst,
“XRP remains a top-10 crypto by market capitalization. It doesn’t matter what you or I think about its usefulness- the market, as a collective, is telling you that they value it more than 99% of this space, and that’s a fact. It will have its time in the spotlight again whether you like it or not.”
The SEC first sued Ripple in December 2020, claiming that the firm was selling unregistered securities.
Turning to Bitcoin, the strategist says that the flagship crypto asset is primed to “push for another leg to the upside again” amid a shift in market sentiment.
“Fresh bids stacked below price now while asks above have been removed. Books are now skewed more heavily on the bid side.”
Bitcoin is trading at $57,942 at time of writing, down by 10% over the past seven days.
Concluding with analysis with smart contract platform Ethereum, Credible Crypto says that ETH is likely to behave differently from Bitcoin over the short term and find a lower low.
“Gut feeling is that bottom is probably in on BTC but that ETH will make one more marginal lower low.”
Ethereum is trading at $2,468 at time of writing, down by 23% over the past seven days.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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