thecryptobasic.com
A top market trader has predicted a rapid bullish development for $XRP, potentially taking its price to a new all-time high, but places a condition.
Specifically, Matthew Dixon, a self-acclaimed veteran financial trader, highlighted in his Tuesday analysis that one level stands in the way of a rally to unprecedented prices for $XRP. According to him, $XRP would rapidly swing into uncharted territories when it finally breaks the resistance at this level.
$XRP Below Crucial Resistance
According to him, this level is the $2.65 resistance. He mentioned that $XRP has failed to reclaim this critical level amid the ongoing rebound effort. The crypto asset broke below this former support area during the quick drop to $1.37 on October 10.
Completion of WXY Correction to Support Increase
Meanwhile, the completion of the WXY correction further adds weight to the trader’s new $ATH outlook. An accompanying chart marked the “W,” “X,” and “Y” points in the $XRP daily chart, explaining how prices have shuffled between the areas.
$XRP WXY Consolidation">
The “W” marked the low of $1.615 in April. After the low, $XRP rallied in an ABC price pattern, reaching a peak of $3.66 in July, identified as the “X.” Another ABC consolidation wave followed a brief correction to $2.96, pushing prices into a descending channel.
The last leg of this correctional phase was its drop to “Y” on October 10, marking its end. From there, Dixon projects a reclaim of the $2.65 resistance, followed by a new all-time high.
$XRP to New All-Time High
When asked if $XRP would rally to prices like $6 or $7, the market commentator was reserved on setting a precise price target. He simply stated that $XRP would at least reach a new all-time high upon breaking above.
Meanwhile, $XRP trades at $2.52 at the time of writing, down 31% from its current $ATH. This means that $XRP would have to rally by at least 45% from here to surpass its all-time peak attained in July.
Notably, Dixon adds to the number of analysts betting on a new all-time high surge for $XRP. For context, analyst CasiTrades predicts an increase to $4.50 when the final lap of a three-wave Elliot Wave pattern resumes.