A popular crypto strategist and trader says that Ripple (XRP) is ready for another phase of its rise to the next major resistance level. The pseudonymous analyst known as Credible Crypto says that the XRP/Bitcoin pair may be showing signs of a new market structure forming. The analyst is also waiting for a rally in the CRV. Details are on Kriptokoin.com.
Ripple and Bitcoin relationship
Credible Crypto begins its analysis by commenting on the XRP/BTC relationship. “This is the strongest daily candle we have seen in XRP/BTC in 6 months. We broke our falling wedge downtrend line and a key cluster of resistance. We will see how this movement develops in the coming days.” The analyst then confirms his thesis by looking at the weekly chart of XRP/USD and predicts a slight correction before a breakout to $1 and then $1.60. According to him, in BTC, traders can expect a drop of at least 10% before continuing to $50,000. The analyst continues:
Now that we are at monthly resistance, we may see a pullback. Even if we do that, a lower dip to $38-40k would be ‘healthy’, then continue to 50k and regain our monthly resistance, from which point I’ll set my sights on a new ATH.
The analyst also expects an 87% rally in the decentralized exchange (DEX) and automated market maker (AMM) protocol CRV. After reaching $7, Credible expects another break above it in the coming months. The analyst is also issuing a warning that Ethereum (ETH) and other altcoins may see lackluster performances as Bitcoin (BTC) continues to rise. Credible said he believes Bitcoin is in the midst of a fifth-wave rally, where BTC has potentially hit an all-time high of around $80,000. According to the crypto strategist, he expects altcoins to suffer during this rally as Bitcoin draws most of the liquidity from the crypto markets.
Meanwhile, the Bitcoin Dominance Index measures the value of BTC in relation to the market cap of all other cryptoassets. Looking at Credible’s chart, he expects BTC dominance to increase in the coming months, suggesting that Bitcoin’s value will either grow faster than altcoins or altcoins as leading crypto rallies will see correction. “If we make an exit soon, we immediately start to feel like BTC is going to suck the life of altcoins in the short/medium term,” the analyst says.
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