Crypto Trader Forecasts Big Leap for XRP, Says Do Not Mistake Bitcoin Consolidation for Weakness
A closely followed crypto strategist says that XRP will likely witness a deluge of capital inflows following the favorable ruling in the SEC’s lawsuit against Ripple.
Pseudonymous analyst Credible Crypto tells his 342,800 Twitter followers that the fear, uncertainty and doubt (FUD) surrounding XRP is no longer an issue after Judge Analisa Torres ruled that Ripple’s automated, open-market sales of XRP are not securities transactions.
According to the crypto trader, XRP will likely reclaim its spot as the third-largest digital asset within the next year.
“The XRP security FUD has come and gone, and through it all XRP remains a top five crypto by market cap.
Whether you love it or hate it, it has proven to have staying power, and I have no doubt it will be a top three coin again within the next 6-12 months.”
At time of writing, XRP is the fourth-largest crypto asset with a market cap of over $39.26 billion. With stablecoin Tether (USDT) sitting at the third spot with a valuation of about $83.67 billion, Credible Crypto suggests that XRP could more than double in price in the coming months.
XRP is worth $0.746 at time of writing.
Looking at Bitcoin (BTC), the trader says that Bitcoin’s continued consolidation at around $30,000 is not a sign of weakness. According to Credible Crypto, Bitcoin could witness a brief move to the downside to trap bears before resuming its uptrend.
“Last month I saw a lot of people talking about the ‘weakness’ of BTC while [stocks] were ripping.
I pointed out that consolidation should not be mistaken for ‘weakness.’
What followed was a single weekly candle that erased two months of downward price action.
This week, I am once again hearing about the ‘weakness’ of BTC in failing to break out after the positive outcome in the Ripple case, major ETF (exchange-traded fund0 filings, etc.
Once again, I will reiterate – do not mistake consolidation for weakness.
While we *might* see a fakeout to the downside before expansion – make no mistake – expansion is coming, and the longer that we consolidate prior to this expansion the stronger the expansion will be when it comes.”
At time of writing, Bitcoin is trading for $30,254.
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