Market Context and XRP's Potential
The cryptocurrency market is observing a surge in altcoin prices as Bitcoin and Ethereum reclaim higher valuations. This week, Bitcoin surpassed $96,000, and Ethereum has maintained a position above $3,000. Amidst this market upturn, several altcoins are exhibiting signs of significant price appreciation. One notable altcoin under scrutiny is XRP, with analysts suggesting it is preparing for a substantial upward movement.
XRP Poised for a "C Wave" Push
Analysts are closely monitoring Ripple's XRP, citing its bullish price chart patterns. Since its legal victory against the SEC, XRP was anticipated to experience a parabolic run. While XRP has seen two notable price pumps, it has yet to retest its all-time high from eight years ago. However, market observers believe this moment is approaching imminently.
XRP price analysis from @CasiTrades
According to a chart shared by a prominent crypto trader and analyst, XRP is on a trajectory for a highly probable bullish ascent in the near future. The analysis indicates that XRP's B wave extended slightly, forming an ABC pattern rather than a tight consolidation. This pattern pushed the price to the 0.618 retracement level around $2.09, which remains a valid configuration for a B wave.
Ripple's Native Asset Targets Bullish Ascent
The analyst anticipates the C wave upward movement to commence next, completing the larger Wave 2. The primary target identified is the golden retracement level at $2.26. There is also a possibility of a slight overshoot into the $2.28 area, known as the golden pocket, where the 1.236 extension aligns. This C wave is expected to unfold in five sub-waves and exhibit bullish momentum. Confirmation will be sought by observing the rejection points and subsequent sub-waves.
XRP price analysis from @HovWaves
Following this potential high, XRP might experience a sharp rejection, initiating the larger Wave 3 downward trend, which targets the macro support level at $1.65. In a similar vein, another analyst shared insights on what to anticipate. This analyst noted that after XRP closed above $2.22, it moved towards the $2.40 level before the recent sell-off. The analyst expressed a preference for a breakout beyond the $2.40-$2.50 range rather than the observed rejection.
However, the analysis continues, XRP is currently at a critical support level for bulls. As long as the $1.96 level holds, the analyst believes XRP is likely to advance towards the $2.80 - $2.90 area for the 3/C wave. Ultimately, XRP needs to demonstrate upward momentum from its current low soon, as the weekly chart indicators appear challenging. The analysis concludes that on a larger scale, $1.43 remains a key support level to maintain the overall bullish outlook.