Here's Why XRP Could Reach a New All-Time High | Credit: Hameem Sarwar
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Key Takeaways
The XRP price trades below the $3.30 horizontal resistance area.
XRP has nearly broken out from a symmetrical triangle pattern.
Can XRP break out and reach a new all-time high price?
After failing to sustain its all-time high, the XRP price is battling a key resistance at $3.30.
The first two breakout attempts failed, but the price is gearing up for its third breakout attempt.
With a bullish wave count behind it, the XRP price shows positive signals that suggest a new all-time high is imminent.
XRP Price Forecast
The daily time frame analysis shows that while the XRP price reached an all-time high of $3.66 on July 18, it failed to sustain the rally.
Instead, XRP created a deviation above the $3.30 horizontal area (black circle) before falling below it and confirming it as resistance (red icons).
These deviations are bearish developments and usually lead to bearish trend reversals.
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This has been the case, with the XRP price down more than 17% since its all-time high.
Despite the pullback, bullish momentum is returning. Yesterday, the XRP price created a bullish engulfing candlestick (green icon) and could continue its ascent today.
If that happens, and especially if the XRP price reclaims $3.30, it will confirm that the bullish trend has started and could lead to a new all-time high price.
While the price action could be in the first stages of a bullish trend reversal, momentum indicators do not confirm it.
Instead, the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) linger in neutral territory, the former at 50 and the latter at 0.
Until the indicators turn bullish, it is unclear if the XRP price will break out above $3.30 or continue falling to new lows.
Why is XRP Going Up?
While the price action and indicators do not confirm the trend, the wave count is decisively bullish.
According to the count, the XRP price is has completed wave four in a five-wave upward movement and has started an upward movement toward new highs.
There are two characteristics for this count:
The XRP price completed a fourth wave pullback by returning to the channel of waves one and two.
The XRP price completed an A-B-C-D-E structure (black) and a fourth wave triangle.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
