A widely-followed crypto analyst believes that XRP and Bitcoin may pull off unexpected rallies amid the continued correction in broader crypto markets.
In a new tweet, Credible Crypto tells his 209,000 followers that he sees XRP igniting a massive bounce just as market participants become bearish on Ripple’s native asset.
“I mean, I don’t know what else to say but this looks ripe for a short squeeze lol. XRP.”
Source: Credible Crypto/Twitter
A short squeeze happens when traders who bet that an asset will fall by going short are forced out of their positions by an abrupt increase in price. The phenomenon forces short sellers to buy the asset to avoid greater losses, which drives the price higher. Credible Crypto shows that shorts on XRP are at an all-time high at crypto exchange Bitfinex while the token hovers above a key support level, implying that a short squeeze may be on the horizon.
As for Bitcoin, the trader believes