Cryptocurrency Expert Predicts Sharp Decline for Top Memecoin, Revises Forecast for Ethereum and XRP

A prominent analyst in the cryptocurrency space has issued a cautionary statement regarding a popular memecoin while also providing insights on the future trajectory of Ethereum (ETH) and XRP.

Known under the pseudonym Credible Crypto, the analyst with a substantial following on the social media platform X highlighted the resilience of the memecoin Pepe (PEPE) during a broader market decline. Despite Pepe’s current stability, the analyst expressed a bearish sentiment for its long-term prospects, anticipating a potential upward movement to tap into untapped liquidity before a significant downturn.

According to Credible Crypto’s analysis on the four-hour time frame, Pepe could see an increase of approximately 38% from its current price to reach around $0.0000145 before potentially dropping below $0.000005. Presently, Pepe is valued at $0.0000104.

Shifting focus to Ethereum, the analyst shared a pessimistic outlook on the second-largest cryptocurrency by market capitalization. Credible Crypto set a downside target for Ethereum below the $2,800 mark, representing a decline of about 12% from its current valuation. The analyst’s chart on the six-hour time frame suggests a probable bounce above $3,400 for Ethereum before a subsequent decline.

Regarding XRP, the analyst indicated a favorable long opportunity if XRP retraces below the $0.49 level. Credible Crypto’s analysis on the 12-hour time frame points to a potential upside target of around $1 for XRP, marking a 66% increase from its current price of $0.603.

At the time of reporting, Ethereum is trading at $3,174, while XRP is valued at $0.603.

It is important to note that the opinions expressed by analysts in the cryptocurrency space are not investment advice, and investors are advised to conduct thorough research before engaging in high-risk investments in digital assets. The Daily Hodl, where these insights were originally shared, does not advocate for the buying or selling of cryptocurrencies and digital assets, nor does it serve as an investment advisor.

In conclusion, the cryptocurrency market continues to be dynamic, with analysts like Credible Crypto providing valuable perspectives on the price movements of various digital assets. Investors are encouraged to stay informed and exercise caution in their investment decisions.