Renowned cryptocurrency analyst, Credible Crypto, known for his accurate predictions, stated that the recent rejection of the Securities and Exchange Commission (SEC)’s attempt to appeal the partial favorable decision for Ripple in July, paves the way for XRP. The analyst also warned about a potential decline in the price of the largest cryptocurrency Bitcoin (BTC) and the largest altcoin Ethereum (ETH) in his latest analysis.
Credible Crypto, an anonymous cryptocurrency analyst, believes that the court’s rejection of the SEC’s attempt to appeal the decision, which stated that Ripple’s programmed XRP sales did not violate securities laws, would trigger a rally in a highly liquid market. The analyst emphasized that for XRP to ignite a surge in the current low liquidity conditions, it needs to break the resistance level at $0.60. The analyst stated:
XRP will make a huge breakthrough if it surpasses the $0.60 level. However, it has not been able to break this level yet. This indicates that we are not yet ready for such a breakthrough due to low liquidity.
Nevertheless, the court’s rejection of the SEC’s appeal is great news. I will be more excited about XRP when new money starts flowing into the market. The court decision has increased my long-term confidence in XRP.
After analyzing XRP, Credible Crypto turned his attention to Bitcoin, warning that the leading cryptocurrency needs to maintain the support level at $24,800 if it enters a correction phase. The analyst also expressed his expectation of a decline in Ethereum:
ETH has tested the bottom and top of the demand range. After this stage, it would not surprise me if the price of the altcoin king drops. Furthermore, the inefficiency behind the testing of the bottom range also supports my bearish expectation.
If Bitcoin fails to form a rising bottom above $24,800, the price may hit a new low. Moreover, Bitcoin’s dominance is rising towards new highs, indicating weakness in most altcoins and ETH/BTC for now.