A popular crypto analyst is predicting a huge price jump for XRP, a major altcoin. Credible Crypto, who boasts a large following on X (formerly Twitter), forecasts XRP could surge over 976% from its current price.
Elliott Wave Theory and XRP’s Potential
Credible Crypto’s prediction is based on the Elliott Wave theory. This theory suggests that asset price movements follow specific patterns, with five waves in an upward trend. The analyst believes XRP is poised to enter its third wave, potentially leading to a fifth wave that pushes the price to $28.
Why Credible Crypto is Bullish on XRP
The analyst highlights several positive indicators supporting their bullish outlook:
- Open Interest Reset:
Open interest (the total number of outstanding derivatives contracts) has returned to levels seen before a previous significant price increase.
- Spot Premium Increasing: The premium for buying XRP immediately (spot price) versus using derivatives is rising.
- Funding Rate Turning Negative: This suggests less leverage is being used to bet on XRP’s price going up, potentially indicating a healthy market.
Credible Crypto even suggests that any dips below $2 would be a buying opportunity. At the time of writing, XRP is trading around $2.60.
Disclaimer:
This is not financial advice. Always do your own research before investing in cryptocurrencies. Investing in crypto is risky, and you could lose money./p>
