Fishing for New All-Time Highs in XRP
As of now, XRP is trading at around 70 cents per token. However, there are indications that a recent high timeframe bullish crossover might just be the beginning of a significant upside for the cryptocurrency, potentially leading to an explosive rally.
The Possible Target of the Triangle Thrust
XRP is one of the major cryptocurrencies that has not surpassed its 2018 peak this year. This lack of strength could be attributed to the fact that in 2018, there was a 50,000% surge which still stands as the price record. The first instance of the Fisher Transform crossing bullish triggered alongside a breakout from a downtrend line, leading to a substantial rally. The second signal also crossed bullish but did not result in the same level of upside as the first crossover.
Now, with the third crossover happening at levels similar to the first epic rally, it raises the question of whether it could lead to another significant rally.
Considering the law of diminishing returns, another 50,000% rally is unlikely. However, XRP is currently breaking out from a downtrend line and triangle pattern on the 3M timescale. If the price objective is met, this pattern could lead to an 850% rally, realistically putting XRP at a minimum of $6. Breaching the previous all-time high from 2018 could cause even more momentum, potentially surpassing the pattern-based price objective.
According to Elliott Wave Principle, triangles are typical of a wave 4 and appear before the final move in a sequence. While this pattern is bullish for XRP, after the next major rally and new all-time high, there may be indications that crypto is headed for a longer duration bear market.
Hot Take: Can XRP Reach New Heights?
XRP’s recent high timeframe bullish crossover has sparked excitement about its potential for an explosive rally. With indicators pointing towards a possible breakout from its 2018 peak and a triangle pattern on the horizon, it’s clear that there’s a lot of potential for growth in XRP. However, it’s essential to approach this with caution and consider potential long-term market trends that could impact its performance in the future.
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