A popular crypto strategist and trader is highlighting a crucial resistance area for XRP that it must take out to clear the way for a new all-time high.
Pseudonymous crypto analyst Credible tells his 263,300 followers that XRP is currently taking it one level at a time and should see clear skies to new all-time highs (ATH) once it breaches a high timeframe (HTF) resistance.
“Once we manage to clear $1.70 on HTF, we are going to absolutely take off targeting new ATH… You can see here why this region, in general, is so significant.”
According the Credible’s chart, the area between $1.50 – $1.70 was the point of breakdown in May, which ignited a multi-month bear trend for the seventh-largest crypto asset until it bottomed out in July.
Looking at Bitcoin, Credible says that BTC is primed for a short-term bounce after retesting support around $62,000.
“[BTC] decided to take the lows first. Let’s run it back to $66,000 = now. Note that while BTC made a local lower low here, most alts did NOT. This is a good sign.”
Credible also says most altcoins look bullish despite the recent across-the-board correction. “Downside limited from current levels. Most alts took big hits but ultimately were retesting key breakout levels and have maintained their bullish structure, leaving long [liquidation] wicks in their wake. This was just a shakeout and most of the damage is done in my opinion.”