A widely known cryptocurrency analyst has updated his outlook for Bitcoin (BTC) and Ethereum (ETH), while also expressing a bullish outlook for large-cap altcoins.
In a new thread, anonymous cryptocurrency trader Credible Crypto told his 408,700 followers on social media platform X that XRP, the token used to power Ripple Labs’ payments platform, is about to have an “inevitable massive surge” now that its legal troubles are behind it.
According to Credible Crypto, XRP is now set for explosive growth after its legal battle with the U.S. Securities and Exchange Commission (SEC) ended with a $125 million fine.
“The question is when (XRP) will reach a new all-time high, not if.”
At the time of writing, XRP is trading at $0.614, and would have to rise by about 454% to surpass its all-time high of $3.40, set in January 2018. In the last 24 hours, XRP is up 19%.
As the analyst further noted,
“XRP is still a top 10 cryptocurrency by market cap. It doesn’t matter what you or I think about its utility. The market is collectively saying that it values XRP more than 99% of the space, and that’s true. Whether you like it or not, it’s going to get its moment in the spotlight again.”
The SEC first sued Ripple in December 2020, alleging that the company was selling unregistered securities.
Looking at Bitcoin, the strategist said the flagship crypto asset is ready to “re-enter the uptrend” amid a shift in market sentiment.
“Now new bids are piled below the price, and offers above the price are removed. The book is now more biased towards the bid side.”
At the time of writing, Bitcoin is trading at $57,942, down 10% over the past seven days.
After analyzing Ethereum, a smart contract platform, Credible Crypto said that ETH is likely to behave differently than Bitcoin in the short term and find lower lows.
“Intuitively, I think BTC has likely bottomed, but I think ETH will make a lower bottom.”
At the time of writing, Ethereum is trading at $2,468, down 23% over the past seven days.
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