XRP Price Analysis: Potential Rally to New All-Time High
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Analyzing XRP’s Current Corrective Patterns
In recent insights from crypto analyst Prophecy Trading, attention is drawn to XRP’s price chart, which suggests a wave 4 corrective phase poised to potentially trigger a new all-time high (ATH) in the coming months. The forecast anticipates a final price adjustment before XRP surges to a projected ATH of $4.
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XRP’s Resilience Amid Market Cycles
Prophecy Trading, in a detailed TradingView analysis, emphasized XRP as a crypto asset undergoing a corrective phase, yet demonstrating notable resilience. The current price patterns echo historical market cycles, specifically drawing parallels to the price surge observed in September 2017, during the final wave 5 rally. The analysis indicates that XRP might ascend to a new ATH of $4.5 in the near future.
Despite facing corrective challenges, XRP has shown significant consolidation strength, as highlighted by Prophecy Trading’s technical breakdown. This underscores a solid underlying market structure, aligning closely with the macro trends observed during the 2017 bull run. The analyst also pointed to correlations with broader stock market movements, suggesting that significant macro trends support the possibility of a final rally for XRP and other assets before the cycle concludes.
If historical trends remain consistent, the analyst predicts a wave 5 blow-off top, potentially leading to a broad market rally and a euphoric push to new price heights.
Shifting Momentum for XRP
Crypto analyst CasiTrades, through a recent post, noted a bullish divergence forming on the RSI for XRP, indicating a potential shift in momentum. Despite the lack of immediate price reaction, the exhaustion among sellers suggests that buyers may soon dominate the market.
CasiTrades highlighted that XRP’s price is maintaining a stronghold, reaching the critical 0.618 golden retracement level at $2.36. This point acts as a crucial support, potentially marking the wave 4 bottom in the subwave Elliot Wave sequence. If this scenario unfolds, the next upward wave could target higher price points, with resistance anticipated at $2.70.
Key levels to monitor include the current support at $2.36, the local resistance at $2.70, and macro continuation targets at $3.05 and $3.40, culminating in a potential all-time high test at $3.80. CasiTrades affirmed the robustness of the larger bullish structure, suggesting that a breakout could be imminent.
At the time of writing, XRP is trading at approximately $2.45, reflecting a 2% increase in the last 24 hours, as per CoinMarketCap data.
XRP trading at $2.3 on the 1D chart | Source: XRPUSDT on Tradingview.com
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