A renowned on-chain analyst has issued a fresh note of warning to cryptocurrency investors and traders to caution them against the short term prospects of Bitcoin (BTC) and Ethereum (ETH) made on the analysis he did. The respected crypto analyst proclaimed that BTC is now at a crossroad after the rally that saw the pioneer cryptocurrency test $12,000 severally in recent times.
He emphasized that a significant change might occur in the price of Bitcoin if the king coin manages to stay above $11,800. Meanwhile he pointed out that if Bitcoin drops below the $11,700 level, its next level of support will be $11,660, $11,100, and $10,560.
However, the strategist took time to emphasize the fact that a fall in BTC price would have a negative effect on the cryptocurrency market as a whole, however, COMP and XRP, which he sees as his top coins, are set to experience liftoff in the coming days, weeks, and possibly months.
Talking about ETH, the analyst averred that the second-largest cryptocurrency by market cap is likely to experience a pullback soon, citing a recent data issued by leading on-chain metrics. He further advised that investors should remain cautious of the market situation as no coin will be immune to the expected plunge. Furthermore, XRP is about to shine as ETH would step aside, Credible Crypto declared.
Reacting to the high number of responses from crypto his tweets on XRP from bearish crypto investors, Credible Crypto said he sees the development as an indication that XRP has garnered enough momentum and is ready to experience a liftoff.
Reacting to bearish crypto investors’ responses directed to his recent tweet, he sees the development as an indication that XRP has garnered enough momentum and is ready to experience a liftoff.
Global Uncertainty with Fiat Currencies Pushing Price of Bitcoin and XRP
Nevertheless, the Ripple’s SVP of Product and Corporate Development, Asheesh Birla, in a recent development had disclosed that the global uncertainty with fiat currencies is a denominator pushing the price of Bitcoin and XRP.
The crypto expert explained that BTC had broken past its year-to-date price of $12,010 barely few weeks after the Office of the Comptroller of the Currency granted banks the permission to get involve in BTC, he went on to add that Decentralized Finance (DeFi) have been booming amid numerous innovations being introduced into the crypto space.