Prominent crypto expert Credible has reported a bullish outlook for XRP, suggesting a potential rise in its value. He shared his insights with his 439,700 followers on the social media platform X, indicating that XRP is likely to continue its upward trajectory while successfully holding onto crucial support at $1.35.
How Does Bitcoin Influence XRP’s Performance?
Credible pointed out that the future of XRP is tightly linked to Bitcoin‘s market behavior. Should Bitcoin exhibit negative trends, XRP might suffer significantly, with predictions of a possible 22% drop if Bitcoin falters. Concerns arise about XRP potentially dipping below the $1.10 mark in such a scenario.
What Does Elliott Wave Theory Suggest for XRP?
Using Elliott Wave theory, Credible noted that XRP is currently amid a five-wave upward progression. He anticipates XRP could reach $1.60 if Bitcoin remains steady. However, he also cautioned that a downturn in Bitcoin could drag XRP down to the $0.48 range, presenting risks for investors.
Currently priced at $1.44, XRP appears strong in its current position, with Credible forecasting further gains assuming Bitcoin maintains market stability. He stated, “XRP looks strong here. I expect it to reach at least $1.60.” However, he acknowledged that Bitcoin’s fluctuations could lead to potential corrections for XRP.
- XRP is experiencing a bullish trend influenced by Bitcoin’s performance.
- A sustained upward movement could push XRP to $1.60.
- Risks remain if Bitcoin declines, possibly affecting XRP’s value significantly.
- Buying opportunities may arise for XRP if it falls to between $0.48 and $1.10.
The outlook for XRP remains cautiously optimistic, contingent upon Bitcoin’s market stability. A successful completion of its upward wave could solidify XRP’s position, offering a favorable long-term scenario for those involved in this digital asset.