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.
XRP attempted to recover the price mark on Monday, when it rallied to a high of $2.647, but the supply zone stood. Yesterday’s efforts also proved abortive, with XRP dropping to $2.40 after a clear rejection from the area.
However, Dixon believes that though it could take time, its inevitability is not in question. When it does happen, he predicts an upsurge to new all-time highs, surpassing the current peak of $3.66.
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.
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.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.