Prominent cryptocurrency analyst and well-known XRP bull Credible Crypto has revealed he believes the price of the cryptocurrency could surge past the $10 mark “this cycle,” as the cryptocurrency is currently undergoing a consolidation period.
That consolidation period, he says, could lead to a significant expansion once it’s over. The analyst pointed out to his nearly 250,000 followers on social media that the cryptocurrency has been undergoing a significant consolidation period this time.
Replying to other Twitter users, as Daily Hodl reported, Credible Crypto noted that the move past the $10 mark is “not going to happen from this leg of expansion,” but instead after more consolidation and expansion periods. Over the next expansion leg, he said, the price could come close to or a ”bit past” a new all-time high.
Ideally, the analyst added, the cryptocurrency could even hit $20 to $30. The price of XRP hit an all-time high near $3.4 in early 2018 and has since failed to move over it. The cryptocurrency is at press time trading at $1.1. While it hasn’t surpassed its all-time high, it is up over 300% so far this year.
As CryptoGlobe reported, in July Credible Crypto was already predicting an XRP price surge that has so far failed to materialize. Per his words, XRP may have a slow start when bull runs start, but could soon rally 10x and as such shouldn’t be counted out “simply because it has had a slow start.”
In March of this year, Credible Crypto accurately predicted that the price of XRP would undergo a massive rally after enduring a healthy correction. At the time, the cryptocurrency was trading close to $0.5 and started surging later that month to approach $2 by April.
The price of XRP entered a downtrend after the U.S. Securities and Exchange Commission (SEC) announced a lawsuit against Ripple Labs and two of its executives, who are also significant XRP holders, alleging that they “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
Credible Crypto often uses analyst uses Elliott Wave Theory to assess market trends. Elliott Wave Theory is a method used to describe price movements in financial markets using fractal wave patterns. The theory uses recurrent long-term price patterns related to changes in investor sentiment and psychology to get to its results
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