XRP Primed to Reach New All-Time High, Will Vastly Outperform Bitcoin and Ethereum: Credible Crypto

A widely followed cryptocurrency analyst and trader is turning bullish on a large-cap altcoin that has more than doubled in price over the past two weeks.

A cryptocurrency analyst and trader with a large following is becoming bullish on XRP, a large-cap altcoin that has more than doubled in price over the past two weeks.

The analyst, who goes by the pseudonym Credible Crypto, told his 436,700 followers on the social media platform X that XRP is primed to reach a new all-time high a “lot quicker than most are expecting.”

“And I think it’s going to vastly outperform both Bitcoin and Ethereum from current levels while doing it.”

Credible Crypto further says that XRP is on the cusp of entering the overbought zone of the Relative Strength Index (RSI) indicator on the monthly time frame. The RSI indicator, which is calibrated from 0 to 100, is used to determine overbought or oversold conditions, with levels between 70 to 100 indicating overbought conditions and levels between 0 to 30 indicating oversold conditions.

“This is bullish as f**k.

Contrary to popular belief, the higher RSI goes, the stronger the momentum is and the more bullish a coin is (absent bearish divergences) and like every other form of technical analysis the higher the time frame this is on, the more significant it is.

Next target is $2 and after that, we go for a new all-time high.”

According to the pseudonymous analyst, XRP also appears highly bullish in its Ethereum (ETH) pair and could be poised for triple-digit percentage gains against the second-largest crypto asset.

“XRP/ETH just reclaimed and retested a four-year-long range, with the first target being ~250% higher.”

Credible Crypto’s bullish XRP outlook comes as the Gary Gensler-led US Securities and Exchange Commission (SEC) is preparing to file a motion to dismiss the lawsuit filed by Ripple Labs, which claims that the SEC failed to provide fair notice that XRP is an unregistered security.

The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that the company raised over $1.3 billion through an unregistered securities offering. The regulator is seeking to have XRP declared as a security and for Ripple to pay disgorgement, prejudgment interest and civil penalties.

Ripple has maintained that XRP is not a security and has accused the SEC of engaging in “regulation by enforcement.” The company has filed a countersuit against the SEC, accusing the regulator of abusing its authority and harming the cryptocurrency industry.