The crypto market is bullish today, April 21, as Bitcoin’s surge to a three-week high fueled optimism around altcoins such as Ripple (XRP). Analysts are optimistic that the XRP price might be on the verge of a massive rally due to a bullish formation on the Wyckoff pattern, and it may spearhead the next altcoin season. This article seeks to provide a detailed XRP price prediction to assess how high this token could rally in the near term.
XRP Price Prediction as Wyckoff Pattern Signals Rally
Crypto market analyst ChartingGuy has shared a detailed forecast for XRP price using the Wyckoff Accumulation pattern, suggesting that Ripple is primed for a bull run. Based on the phase that Ripple appears to be in within the channel, it may be poised for a strong upward breakout in the coming weeks.
The Wyckoff pattern usually identifies the period where smart money accumulates an altcoin, and based on the current XRP price, Ripple is in phase D, which suggests that smart money have finished accumulating and are holding their positions. This might precede a breakout.
Before the next XRP price rally, Ripple might drop to test support at around $2. If it can defend this support, it is poised for an aggressive markup phase that will push it past the record high of $3.40 to surpass $4.
Based on this Ripple price forecast by analyst ChartingGuy, it is clear that this altcoin might be on the verge of a major upswing past $3. One of the catalysts that might drive this rally is XRP ETF approvals.
Will Ripple Lead the Next Altcoin Season
According to another crypto market analyst, Austin Hilton, altcoins appear ready for a massive breakout after forming a golden cross. The 100-day moving average is crossing above the 200-day moving average, which may precede a long-term bullish trend.
These highly anticipated gains across the altcoin market further support a bullish XRP price prediction. Hilton also observed that the altcoin market cap previously formed a golden cross in April 2021. Shortly after forming this golden cross, the price shot up by more than 200%, indicating that traders could make significant profits with XRP.
If history rhymes and the altcoin golden cross also fuels gains for Ripple, this altcoin may make a massive breakout towards $6. This also aligns with the forecast outlined in the Wyckoff Reaccumulation analysis.
Analyst CryptoSensei notes that this rally is likely to happen with Ripple, considering the growth of the XRP Ledger. He noted that the blockchain’s growing usage in areas such as tokenization could bolster demand and support a price rally.
What’s Next for XRP Price?
The Wyckoff pattern and the formation of a golden cross in the altcoin market cap suggest that the XRP price might be on the verge of a massive rally. As smart money holds their positions, this altcoin might soon surge past $3 to all-time highs.
The derivatives market hints that traders are already taking up positions as they anticipate an uptrend. Data from Coinglass shows that Ripple’s open interest was up by 6% at press time to $3.3 billion, while futures trading volumes had increased by 71%. If traders are taking up long positions, it shows optimism towards a bullish XRP price prediction.
Frequently Asked Questions (FAQs)
The Wyckoff pattern indicates that the XRP price might be on the verge of an aggressive markup phase that may fuel gains past $3.
Ripple might spearhead the next altcoin season if there is a surge in demand. During the last altcoin rally, XRP surged by more than 200%, which may push Ripple past $6.
The short-term target for XRP price is $3.40. As the market recovers as smart traders accumulate, Ripple might soon reclaim its all-time high.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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