Prominent cryptocurrency analyst and well-known XRP bull Credible Crypto has predicted that the price of the seventh-largest cryptocurrency by market capitalization could still surge this cycle to make a new all-time high, as it did back in 2017.
Credible Crypto’s words came as he was replying to another cryptocurrency analyst who said he was bearish on XRP and Hedera Hashgraph (HBAR). Credible Crypto pointed out that during the 2017 bull run, which saw the price of bitcoin move from around $1,000 to a then all-time high near $20,000, XRP was “one of the worst performing majors” until it started outperforming the rest of the market.
The pseudonymous analyst added that in the 30 days that followed BTC’s peak, the price of XRP rallied over 10x to bring the total gains of that cycle to 62,947%. He added that investors shouldn’t count out the cryptocurrency “simply because it has had a slow start.”
As CryptoGlobe reported, Credible Crypto has earlier this month 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. Per his words, 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.
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.
The price of XRP entered a downtrend 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.”
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
DISCLAIMER
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.
IMAGE CREDIT
Featured image via Pixabay
