CoinsKid, a crypto analyst, has shared their insights on the price trajectory of Ripple (XRP). According to the analyst, XRP is currently retracing to the January 2023 low, following a five-wave leading diagonal rally that spanned from January 2023 to July 2023.
During this period, XRP met all of the analyst’s targets, showcasing the accuracy of their technical analysis.
What you'll learn 👉
Complex Correction Nearing One-Year Mark
Since the July 2023 top, XRP has been undergoing a complex correction that has lasted for nearly a year. The analyst notes that the invalidation point for this retracement is the January 2023 low at $0.30. If XRP manages to find a bottom soon, CoinsKid anticipates a dramatic shift in the cryptocurrency’s price action.
Drawing parallels to the 2017 XRP price movement, the analyst suggests that XRP could experience a vertical rally once the bottom is confirmed.
This vertical ascent is expected to be similar to the one witnessed in 2017, which pushed XRP to new heights. CoinsKid further asserts that this vertical rally should theoretically lead XRP to establish a new all-time high, as it is likely to be a third macro wave.
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Show more +Bullish Indicators Align for XRP
Several factors are currently aligning in favor of XRP bulls, according to the analyst. Firstly, the weekly Relative Strength Index (RSI) for XRP is in oversold territory, suggesting that the cryptocurrency may be undervalued and primed for a potential reversal. Additionally, the XRP/BTC pair is approaching a macro bounce zone, indicating that XRP may be on the verge of outperforming Bitcoin in the near future.
CoinsKid’s technical analysis of XRP’s price action further reinforces their bullish stance. The cryptocurrency’s chart exhibits five waves up, followed by overlapping corrective waves down, which is a pattern often associated with a potential trend reversal.
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Moreover, the analyst highlights the similarities between XRP’s chart and those of other notable cryptocurrencies and market indices, such as the US Dollar Index (DXY), Bitcoin (BTC), S&P 500, VeChain (VET), and Chainlink (LINK).
Interestingly, the current market sentiment surrounding XRP is extremely bearish, which CoinsKid sees as a potential contrarian indicator.
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