- Ripple’s XRP is ready to break out as strong technicals point to a new ATH price soon.
- At the moment, expectations for altseason arrival grows stronger.
- Analyst says bull target for XRP lies between $8 and $13.
Expectations for altseason peak pump phase to arrive grow stronger every day, especially with popular altcoin assets printing strong bullish patterns on their various price charts. At the moment, Ripple’s XRP is ready to break out as strong technicals point to a new ATH price soon. One analyst goes on to break down the many bullish indicators on the XRP price chart and reveals strong bull targets.
XRP Ready to Break Out as Strong Technicals Point to New ATH Prices
The start of Q4 has been a bullish one for the crypto market. With a bullish green close for the month of September and Q3, expectations for Q4 to see new ATH prices for BTC, ETH, and altcoins grew immediately. So far, these expectations have already started to be met. To highlight, in under 3 days, the price of the pioneer crypto asset, Bitcoin (BTC), went on to hit three new ATH prices.
In detail, BTC hit new ATH prices in the $125,000 price range at $125,505 and $125,559, and then set its current ATH target in the $126,000 price range the next day. Now, even with BTC falling to slightly lower prices, the fact that it is still trading above the $120,000 price range bodes well, and analysts now expect the price of ETH to follow suit, as ETH hit its first ATH this cycle only 10 days after BTC hit a new ATH in August.
While the price of ETH is expected to hit $5,000 before surging up to hit much higher ATH targets between $6,000 – $16,000 by the end of the year, as a few reputed financial experts have predicted, several promising altcoins are showing promising indicators for a glorious price pump of their own this altseason, leading traders to expect new ATH prices for altcoins in the coming weeks ahead.
XRP Price Expected to Hit New ATH Prices
One analyst states that not much movement on XRP has taken place in terms of new highs or lows, but zooming in on local support gives a lot to be optimistic about. She says that the consolidation pattern has completed, and XRP price could take off into a new impulsive trend any day. All recent lows continue to hold above the macro 0.5 Fib retracement at $2.79. This level remains a significant support on the macro scale, and any attempt to break below it has failed so far. Zooming in, a break above the consolidation pattern and a backtest holds as support, aligning with the 0.618 – 0.65 golden retracements.
Additionally, the trader says that from an Elliott Wave perspective, this could be another subwave 2 before a large wave 3 kicks in. The purpose of the consolidation pattern is to exhaust the market and confuse traders. The fact that nothing has fallen through is technically a bullish sign. Markets don’t typically top with consolidation, so most likely a wave of new will emerge soon.
The analyst concludes by saying that XRP has been consolidating for 7 years before breaking out from $0.50 to $3.66. That kind of consolidation is not meaningless. Currently, subwaves are getting constricted, which is why extensions are being limited to $4.50 and $6.50. However, the macro targets of $8 – $13 remain entirely possible if momentum continues strong for the price of XRP.
