Closely-followed trader and expert Credible Crypto believes that Ripple’s native asset XRP is setting up for a significant surge to a new all-time high (ATH).
In a new tweet, well-known cryptocurrency trader says that XRP’s current downward correction is approaching the crucial 0.618 Fibonacci retracement support level that many traders keep a close eye on for a possible bounce.
According to the crypto strategist, $1.07 is a prime area to catch a ride to the stratosphere on XRP. For traders more confident in XRP and less worried about the perfect entry point, the $1.12 to $1.20 range is also a viable place for a bullish bid.
“This last impulse is complete and took us from $0.50-$2 ($1.50 move). The next impulse should be even stronger. The correction is approaching the .618 and high timeframe support. Downside is limited and the next impulse up probably takes us to a new all-time high. Do the math. XRP is a bargain here.”
The trader believes that ideally, XRP can form support at this level for a week or two before making its way upward to a new all-time high.
“We want this strong base to form rather than a quick pump out of this correction because it will allow the next impulse to be much stronger.”
Additionally, Credible Crypto has got his eye on the world’s largest crypto by market capitalization as a signal for the rest of the markets at large. The analyst says Bitcoin could be on its way down to $39,000 where it can then be reaccumulated before its next leg up to a new all-time high, like XRP.
“If we want to go to $100,000, these periods of re-accumulation are necessary and healthy.”
As for Dogecoin (DOGE), the trader doesn’t rule out another explosion in the meme crypto asset, but also won’t recommend buying it to his friends.
“I’ve had like literally 8-10 friends ask me if they should buy DOGE as an investment. Will it pump again? Absolutely. Would I ever advocate buying a ‘meme’ coin to someone that I care about? No. SAFEMOON is the same…
It’s a gamble, a game. The initial holders get a portion of the tokens with every transaction right? It enriches the original holders, serves no utility but to make them wealthy, and leaves newcomers holding their bags.”