A widely followed cryptocurrency analyst and trader is leaning bullish on XRP.
The analyst pseudonymously known as CredibleCrypto tells his 450,200 followers on the social media platform X that paired against Bitcoin (BTC), XRP “looks absolutely fantastic.”
The trader says he plans to enter a long position in the coming days.
Based on the analyst’s chart on the one-hour time frame, it appears he is suggesting that XRP could first trend downwards before skyrocketing by at least 65%.
It also appears that the analyst believes XRP has formed an inverse head-and-shoulders pattern in the same time frame. An inverse head-and-shoulders pattern is considered a bullish signal in technical analysis.
“Still the most bullish-looking chart in the entire space off the lows in my opinion. Just a powder keg building pressure…”
XRP is trading at 0.00002323 BTC ($2.28) at time of writing.
Next up is Ethereum (ETH). CredibleCrypto says that ETH is likely to trade in a range of between $3,000 and $3,800 before bottoming out at around $2,800.
Based on the pseudonymous analyst’s chart on the 12-hour time frame, he suggests Ethereum could then rally to a new all-time high above $6,000.
Ethereum is trading at $3,492 at time of writing.
Turning to the Ethereum/Bitcoin pair, the widely followed analyst says he is still targeting Ethereum to drop to around the 0.02700 BTC to 0.02800 BTC level before he can enter a long position. According to CredibleCrypto, ETH/BTC is now “grinding back down” after initially rallying.
“Would be an absolutely epic entry if we get it that will probably mark this cycles pico bottom on ETH/BTC as well.”
ETH is trading at 0.03542 BTC at time of writing.
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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.
Featured Image: Shutterstock/Zaleman/INelson
