One of the famous crypto strategists and analysts gives a clue on the next short-term direction of XRP. Hiding behind a pseudonym called Credible Crypto, the strategist that is continuously followed by other traders monitoring his analysis and prediction informs his over 102,500 Twitter followers of the potential for XRP to return to its uptrend, having ascended its one-month high of $0.47.
He predicted that the price would close at the end of the month around $0.30 to form a higher level and expect a consolidation before the price resumes its rally. Early this year, when the price of XRP was $0.30, the strategist forecasted that the asset would peak at a high of $0.50 before consolidating. He added that it would resume its uptrend immediately after the consolidation.
XRP to hit a new high after a brief consolidation
Credible Crypto has advised investors who are still interested in XRP to diversify their portfolio when the asset’s price is still ranging between $0.45 and $0.5 range. There will likely be consolidation in that zone before the price shoots up for a strong move.
The strategist predicted that XRP would form a new record high despite the SEC’s ongoing case against Ripple. He added that no matter how the case would end, XRP would resume its uptrend. He saw settlement between the two parties as a positive move that will accelerate the asset’s appreciation. However, he doesn’t see XRP waiting for the end of the case before resuming its rally.
He hinged his position on the continuous rise in demand for XRP worldwide. SEC recently filed a lawsuit against XRP and some of its top officers for illegally selling the asset regarded as unregulated security and getting involved in other financial crimes. Traders became attracted to XRP when it surged by over 40% in a single day. As of press time, XRP is worth $0.39.
From January to October 2020, XRP’s price was not encouraging to traders as it only rose by just 25% compared to Bitcoin’s 91% and Ether’s 194%. But later in November, XRP reversed its direction with price surging. The sudden rise in its value made it reclaim its third position of the largest cryptocurrencies. This attracted the attention of investors, who later became confused about the future direction of digital currency.
How XRP fared last year
In January 2020, XRP was trading around $0.25 before soaring to $0.35 the following month, leading to the project’s backers predicting a promising future for the currency. But in March, the crypto market crashed following the COVID-19 pandemic and the resulting global financial downturn. This led to an unfortunate crash in XRP’s price to $0.12, paving the way for Tether to overtake XRP’s third position of the largest cryptocurrencies. Later, XRP consolidated to $0.21 but ranging between 0.18 and $0.21 till around July. By the end of the month, it rose again to around $0.32 the next month.
Then it reversed its previous gain, falling to 0.24 in October. But November witnessed a surprising move for the asset as it surged by over 200% in the month, hitting a high of $0.75.The Ripple’s $45.60 million buybacks and the increasing address revealed in the data contributed massively to the rise in XRP’s price then.
So in November, the number of people using XRP for transactions grew massively in that period. In late November, the asset traded at $0.55, an crease of 180% compared to the same time in 2019. But in January, it fell by 80%. So, XRP has not been able to reach its record level of $3.85 in Jan. 2018. XRP hit its late November’s resistance but couldn’t go further. Credible Crypto also predicts that many altcoins will fall, but XRP will still find its way up.