- Altcoin XRP could face another price dip before a parabolic surge.
- The popular altcoin could hit new ATH prices soon.
- XRP remains one of the most bullish altcoins in the market.
The crypto community continues to remain hopeful on the arrival of this bull cycle’s inevitable altseson phase. Most analysts believe that the cycle cannot end without an altseason phase, despite the growing FUD sentiments. At the moment, Ripple’s XRP is gaining a lot of attention due to its bullish price chart indicators. According to many analysts, the altcoin XRP could face another price dip before a parabolic surge to new ATH prices.
Altcoin XRP Could Face Another Price Dip
Ever since the price of Ethereum (ETH), the pioneer altcoin asset, went on to hit its only new ATH price this bull cycle, analysts have been steadily waiting for altseason to arrive. However, this hope was completely shattered during the $20 billion liquidation event, where nearly all altcoin leverage and long trades were wiped out indefinitely, resulting in even $3 million of short positions being liquidated.
This brutal dump was seen as a market reset state, but one that was likely caused due to market manipulation. After all, the price of BTC falling from $121,000 to $104,000 with an hour seemed very suspicious. Now, some analysts believe that even greater dips are expected and a new local bottom before bullish sentiments can come forward for BTC. Similarly, sentiments for altcoin prices have been low as well.
Parabolic Surge to New ATH Targets to Follow
Despite the growing FUD sentiments, many altcoin assets have been printing strong bullish indicators on their respective price charts, leading to high hopes for altcoin prices to hit new ATH targets in the coming weeks or months ahead. One such asset showing steady pump indicators is Ripple’s XRP, but just like BTC, XRP is expected to see small price dips before big parabolic moves can play out.
As we can see from the post above, this analyst says that the end of the cycle is not what is coming as many expect. He says that while it is hard to see this range as anything less than a long reaccumulation after November’s surge, in Elliott wave terms: an ABC with a sharp ending in the C wave is very common with the last shakeout or Spring. There is basically no difference to this reaccumulation example on Gold years ago.
Likewise, another reputed crypto analyst and XRP enthusiast says that XRP is potentially on the cusp of forming a double bottom on $2.20 support. As the image in the post depicts, the rejection at the 55 EMA (red line) confirmed the drawback and is less painful if one sees the potential beforehand. All in all, the expectations remains the same, there may be price dips, but the price of XRP is ready to hit higher highs.
