Renowned crypto analyst Credible has declared that XRP is on a strong upward trend. He informed his 439,700 followers on social media platform X that XRP is poised to rally again while maintaining its $1.35 support level. Credible anticipates that XRP will experience further gains if Bitcoin 
$75,023 remains stable.
Impact of Bitcoin on XRP
Credible emphasized that XRP’s upward momentum is dependent on Bitcoin’s performance. He expressed that if Bitcoin negatively impacts the overall market conditions, XRP could face a significant decline. Credible posited that a pullback in Bitcoin could potentially drop XRP by 22% from its current levels, raising concerns about XRP falling below $1.10.
The analyst identified that XRP is currently in a five-wave upward movement, based on an analytical method derived from Elliott Wave theory. He expects XRP to reach the $1.60 level, provided that Bitcoin does not experience a substantial drop. However, he indicated the risk of XRP falling to the $0.48 level if Bitcoin declines.
Elliott Wave Theory and XRP’s Outlook
According to Elliott Wave theory, an asset in a bullish trend undergoes a five-wave upward movement process. Credible noted that XRP’s fifth wave could extend, making a drop below $1 unlikely. Furthermore, he mentioned that strong buying opportunities might emerge in the range between $0.48 and $1.10 if XRP falls below $1.10.
Currently, XRP is trading at $1.44. Credible believes that XRP will maintain its upward trend as long as Bitcoin does not disrupt market stability. He stated, “XRP looks strong here. I expect it to reach at least $1.60.” Nevertheless, he also pointed out that XRP might face a correction if Bitcoin pulls the market down.
If XRP successfully completes its fifth wave and continues to rise, it seems unlikely that it will drop below $1 again. This scenario could present a positive outlook for XRP investors in the long term. However, Bitcoin’s movements will play a crucial role in this process.
