Crypto analyst Prophecy Trading has alluded to the XRP price chart which he noted is showing a wave 4 corrective structure that could lead to a new all-time high (ATH) in April. XRP is expected to witness one last price correction before it rallies to a new ATH of $4.
XRP Price Witnessing Corrective Structures Before New ATH
In a TradingView post, Prophecy Trading highlighted the XRP price as one of the crypto assets currently experiencing a corrective structure. He remarked that XRP is showing strength despite this structure, and its current patterns align with historical market cycles.
Specifically, the analyst noted that these patterns resemble the price action from September 2017, a final wave 5 rally. The analyst’s accompanying chart showed that the altcoin could rally to a new ATH of $4.5 next month.
While giving a technical breakdown of the its price action, Prophecy Trading noted that the altcoin has remained resilient, consolidating instead of breaking down, which indicates a strong underlying structure. He then proceeded to provide a macro market alignment, highlighting the parallel with the 2017 bull run.
The crypto analyst noted that the XRP price’s correction phase now mirrors its 2017 structure, aligning with the moment before its parabolic move. He also alluded to the stock market correlation, noting that the broader macro trends, including the mega-cap stock movements, also support the prediction of one last rally before the cycle concludes for XRP and other assets.
Prophecy Trading affirmed that if historical patterns hold, a wave 5 blow-off top could occur for the price. If that happens, he remarked that there would be a broad market rally leading to a final euphoric push.
Momentum Has Shifted For Price
In an X post, crypto analyst CasiTrades revealed that there is a bullish divergence forming on the RSI for the XRP price, which means momentum may be shifting even though the price has not reacted. She added that sellers are exhausted and that buyers may step in.
CasiTrades noted that the the asset’s price is holding strong, having reached the 0.618 golden retracement at $2.36. She added that this area acts as a pivotal support level and could mark the wave 4 bottom in the subwave Elliot Wave count. If that is the case, the analyst predicts that the next wave up would target higher highs, with the resistance at $2.70.
She revealed that the key levels to watch are $2.36, which is the current support; $2.70, which is the local resistance to flip; $3.05 and $3.40, which are the macro continuation targets; and $3.80, which is the all-time high test. CasiTrades affirmed that the larger bullish structure remains valid, and a breakout could soon occur.
At the time of writing, the XRP price is trading at around $2.45, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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