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A widely followed cryptocurrency analyst has expressed bullish sentiments on a large-cap altcoin while updating his Bitcoin (Bitcoin) and Ethereum (Ethereum).
In a new thread, pseudonymous cryptocurrency trader Credible Crypto He says He has 408,700 followers on social media platform X. Ripple, The cryptocurrency used to power Ripple Labs’ payments platform is set to see an “inevitable massive takeoff” now that its legal troubles are over.
According to Credible Crypto, XRP is now poised to explode now that its legal battle with the US Securities and Exchange Commission (SEC) has ended with a $125 million fine.
“New record highs” [for XRP] “It’s a matter of when, not if.”
XRP, which is trading at $0.614 at the time of writing, would need to rise by around 454% to surpass its all-time high of $3.40 set in January 2018. Over the past 24 hours, XRP is up 19%.
As is also the case Stated By the analyst,
“XRP is still a top 10 cryptocurrency by market cap. It doesn’t matter what you or I think about its utility – the market as a whole tells you it values it more than 99% of the industry, and that’s a fact. It’s going to have its moment in the spotlight again whether you like it or not.”
The SEC first filed a lawsuit against Ripple in December 2020, alleging that the company was selling unregistered securities.
Moving on to Bitcoin, the strategist says the leading crypto asset is Equipped “To push for another step up again” amid a shift in market sentiment.
“New bids are now below the price while orders that were above it have been removed. The books are now more tilted to the side of the bids.”
Bitcoin is trading at $57,942 at the time of writing, down 10% over the past seven days.
Concluding the analysis using the smart contract platform Ethereum, Credible Crypto He says ETH is likely to behave differently than Bitcoin in the short term and find a lower low.
“The gut feeling is that the bottom has been reached for BTC but ETH will hit another marginal lower level.”
Ethereum is trading at $2,468 at the time of writing, down 23% over the past seven days.
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