Crypto analyst Prophecy Trading has alluded to the XRP price chart which he noted is showing a wave 4 corrective structure that may lead to a latest all-time high (ATH) in April. XRP is predicted to witness one last price correction before it rallies to a latest ATH of $4.
XRP Price Witnessing Corrective Structures Before Recent ATH
In a TradingView post, Prophecy Trading highlighted the XRP price as one among 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 motion from September 2017, a final wave 5 rally. The analyst’s accompanying chart showed that the altcoin could rally to a latest ATH of $4.5 next month.
While giving a technical breakdown of the its price motion, Prophecy Trading noted that the altcoin has remained resilient, consolidating as a substitute of breaking down, which indicates a robust underlying structure. He then proceeded to offer 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 1 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 value. If that happens, he remarked that there can be a broad market rally resulting in a final euphoric push.
Momentum Has Shifted For Price
In an X post, crypto analyst CasiTrades revealed that there’s a bullish divergence forming on the RSI for the XRP price, which implies momentum could also be shifting despite the fact that the value 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 will mark the wave 4 bottom within the subwave Elliot Wave count. If that’s the case, the analyst predicts that the subsequent wave up would goal higher highs, with the resistance at $2.70.
She revealed that the important thing levels to look at are $2.36, which is the present support; $2.70, which is the local resistance to flip; $3.05 and $3.40, that are the macro continuation targets; and $3.80, which is the all-time high test. CasiTrades affirmed that the larger bullish structure stays valid, and a breakout could soon occur.
On the time of writing, the XRP price is trading at around $2.45, up over 2% within the last 24 hours, in line with data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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