XRP Poised to Soar After Key Resistance Break, Bitcoin & Ethereum Forecast Updated by Trader
Prominent Crypto Expert Turns Bullish on XRP Following US Court's Denial of SEC's Ripple Appeal in July.
Noted trader, Credible Crypto, shares with his vast 346,700 followers on platform X, a bullish perspective on XRP post the SEC's failed appeal attempt in July. This appeal had disputed the stance that Ripple's XRP sales weren't securities violations.
Credible Crypto points out the key resistance at $0.60 for XRP. Overcoming this could pave the way for a bullish trajectory. He comments, "Surpassing this means XRP soars. Otherwise, it signifies we're not set due to the current liquidity crunch."
Further, he expresses his enthusiasm for XRP's future, stating, "The SEC appeal rejection is tremendous news. It boosts my anticipation for XRP when fresh funds re-enter the sector and solidifies my long-term belief in XRP."
As of now, XRP is valued at $0.532.
Shifting focus to Bitcoin (BTC), the renowned trader, Credible Crypto, believes that if BTC faces a downturn, it will likely uphold the $24,800 support mark. Conversely, his view on Ethereum (ETH) is less optimistic. He mentions, “I won't be shocked if ETH hits a new local low since its demand at range low has been tested and might falter upon retesting. Additionally, there are notable inefficiencies and a significant demand area below the range lows."
Further elaborating on ETH's potential slump compared to BTC's steadiness above $24,800, he adds, "This scenario aligns with my anticipation of relative weakness in most altcoins and the ETH/BTC pair, given the surge in BTC dominance."
As of the current update, Bitcoin (BTC) stands at a trading price of $27,422. Meanwhile, Ethereum (ETH) is being traded at $1,637.
Oct 05, 2023