- Altcoin XRP seems to be progressing on the Wyckoff method.
- This bullish structure shows strong signs for new ATH targets.
- Ripple’s XRP remains one of the most bullish altcoins in the space.
The crypto market is still feeling the brunt of the hit it took during the $20 billion liquidation event earlier this month. At the moment, sentiments are still quite bearish despite the market reset stage, and analysts are expecting the price of BTC to fall to 5-digit prices in the coming weeks. As for the possibility for altseason to arrive, these expectations remain stubbornly strong especially as altcoin XRP seems to be progressing on the Wyckoff method.
Altcoin XRP Seems to be Progressing on the Wyckoff Method
Altseason for this bull cycle was one of the most anticipated events in crypto history. Based on previous bull cycle patterns, analysts believed this cycle’s altseason would be one of the greatest altseasons yet. However, due to a series of changed patterns, the peak of the altseason phase is far from its debut, and only a handful of altcoins went on the set new ATHs, including the pioneer altcoin asset Ethereum (ETH).
So far, the price of ETH has only set one new ATH price this bull cycle, marking its shortest bull pump yet. In detail, the price of ETH went as high as to set a new ATH price in the $4,900 price range, just above its previous ATH price set 4 years prior in the $4,800 price range. Indeed, this pump was not impressive and other altcoins like BNB and SUI went on to pump at a much greater pace to set their latest ATH prices.
Despite the poor performance of ETH so far, analysts are adamant that the pioneer altcoin asset will pump to set much higher ATH prices in the coming weeks ahead. This expectation is inspired by many bullish indicators being printed across the ETH price chart. At the moment, several promising altcoins are showing remarkable pump indicators and one of the most promising altcoins at the moment is Ripple’s XRP.
Structure Shows Strong Signs for XRP ATH
Ripple’s XRP remains a bullish asset despite the brutal market drop taking the asset to a dip over 50% within an hour. In the following day, the price of XRP has already pumped a significant amount, but is still quite a ways off from its previous ATH price. This target is expected to be met soon as several analysts expect the price of XRP to experience a magnificent parabolic surge for the altcoin.
As we can see from the post above, this reputed crypto analyst says that XRP is progressing on the Wyckoff method. Specifically, he says that the similarity to the 2017 formation is striking, but this time the market is more mature. Although it’s still early, the picture accompanying the post resembles the calm before a strong breakout. He concludes by sharing that the expectation is optimistic, but this time it’s not just hope; the technical structure also creates similar expectations.
