Prophecy Trading recently conducted an analysis that indicated XRP’s price chart is currently forming a wave 4 corrective structure, suggesting it might hit an all-time high of $4 in the coming month. Their perspective on this matter was formed through studying current price movements compared with past market cycles.
The Path to a New All-Time High for XRP
Prophecy Trading recently shared an in-depth analysis that indicates XRP may be entering a corrective phase; yet its strength, resilience, and potential growth remain strong. Their analyst draws parallels between current price actions and those seen prior to September 2017, when XRP first started its significant rally; drawn from historical data, predictions suggest it might reach $4.5 in due course.
Prophecy Trading has underscored the significance of understanding XRP’s consolidation phase as an indication of robust underlying structure rather than seeing it as a breakdown, signaling an imminent rebound. By analyzing market movements against 2017 bull run trends and looking at wider market movements to predict any further corrective phases for XRP post corrective phase could experience exponential increases in value post correction phase.
Momentum Shifts in Favor of XRP
CasiTrades provided further evidence to substantiate XRP’s optimistic outlook by noting a bullish divergence on the relative strength index (RSI), suggesting momentum could be shifting toward XRP and could hint at exhaustion among sellers and engagement from buyers.
CasiTrades highlighted the significance of the 0.618 golden retracement level at $2.36 as a key support level, noting its potential role as the bottom of wave 4 of this ongoing cycle and signalling potential rise to new heights with resistance likely at $2.70.
Key levels being monitored closely include $2.36 support, the $2.70 local resistance and $3.05 and $3.40 as macro continuation targets with an ultimate aim of testing the all-time high at $3.80. XRP remains in an overall bullish structure which may indicate it could experience an imminent breakout from this plateau.
As of the latest update, XRP’s trading price stands at approximately $2.45 – an increase of nearly 2% since 24 hours prior. This progress fuels excitement about its potential rise to new heights.
