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Crypto analyst CW23 has revealed that the XRP price is hinting at a symmetrical triangle, which provides a bullish outlook for the crypto. However, he warned that a price crash could occur before XRP breaks out of this triangle and rallies to the upside.
XRP Price Hints At Symmetrical Triangle
In a TradingView post, CW23 revealed that a symmetrical triangle may be forming for the XRP price. This came as he noted that XRP is bouncing off the bottom of an ascending channel, with the pinbar candle on the 4-hour chart now in upward pressure having tested the bottom. The analyst added that the crypto will probably trade in this range for a while.
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However, CW23 stated that a symmetrical triangle is forming and it could be a larger wave 4 pullback in the Elliot wave before wave 5 takes the XRP price to a new all-time high (ATH) to round out this year’s bull cycle. The analyst’s accompanying chart showed that XRP could drop to as low as $1.70 on wave 4. Meanwhile, the asset is projected to rally to a new ATH of $5 on wave 5.
Crypto analyst ElmoX also recently predicted that the XRP price could witness a massive corrective and drop below $2 before it rallies to new highs. The analyst provided a more bullish outlook for XRP, predicting it could rally to as high as $20 in this market cycle. However, he warned that the crypto would face major resistance at $2.9 on its way to a new ATH.
The Altcoin Has Finalized Its Correction
In an X post, crypto analyst Dark Defender stated that the XRP price has finalized the correction on the four-hour time frame. He mentioned that XRP is expected to move towards $2.42 first considering the correction structures. The analyst also affirmed that the real move to the upside will start after XRP climbs above the Ichimoku clouds.
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Dark Defender highlighted $2.22 and $2.04 as the support levels to watch out for while he stated that $4.2932 and $5.8563 are the targets which the XRP price could rally to. Crypto analyst CasiTrades highlighted the importance of the altcoin holding the support levels at $2.04 and $2.11.
She added that a hold above either of these levels is critical to maintaining the consolidation. Meanwhile, the analyst revealed that the next resistance levels are $2.25 and $2.70, which happens to be the next breakout level. CasiTrades also assured market participants that the price is still bullish, indicating it is still well primed to reach new highs.
At the time of writing, the XRP price is trading at around $2.24, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
