XRP Will Print A New All-Time High If This Happens: Analyst

A fresh daily chart shared by market technician @cryptoWZRD_ suggests that XRP is just one technical trigger away from price discovery. The analysts chartpublished early Thursday on TradingViewplots XRP/USDT on Binance and shows the token changing hands at $2.2107 after an indecisive daily close on Wednesday.

XRP Targets $3.65

The most conspicuous feature is a descending trend-line (drawn in red) stretching from the 3 February swing high at roughly $3.40 down to the latest lower-high cluster. That line currently intersects price marginally above the market and has capped every relief rally since mid-January. According to WZRD, a daily candle that breaks through this lower-high trend-line would ignite a very quick impulsive move toward the next horizontal barrier at $2.80.

Why $2.80 matters is spelled out in a bright yellow call-out on the chart: a close above that level would, in WZRDs words, make an all-time high very likely. Above $2.80 the chart offers little historical structure until the $3.30 the price which marked the weekly top in January.

Next, the analyst targets the $3.65 zone, flagged as the next major target in purple. That band is the highest black horizontal plotted and represents the analysts first objective in price discovery territory.

Support is clearly defined as well. The thick black horizontal at $2.00 is labeled the main daily support target. Beneath that, successive shelves are marked at $1.5160, $1.3000, $1.0700 and $0.9000, with an annotation at $1.30 warning that a break could materialise IF ESCALATORY TARIFF KEEP COMING. A secondary blue trend-line connects late-March and early-April lows, creating a short-term falling-wedge structure whose upside resolution has already begun to unwind some bearish momentum.

WZRDs accompanying commentary stresses the interplay between spot XRP and its performance against Bitcoin. He notes that XRP/BTC is coiling inside a symmetrical triangle that will mature on a move higher in Bitcoin dominance; positive action there would add tail-winds to the dollar pair.

XRPBTC needs help from Bitcoin Dominance. Moving above from its current location will help the market to get the next impulsive move towards its upper lower high trendline, where it will mature the symmetrical triangle and push eventually higher. Positive price action from XRPBTC will help XRP become more bullish from its current location, WZRD adds.

Conversely, a choppy Bitcoin could keep XRP bottled up between $2.2050 and $2.00, a range that defined much of Tuesdays intraday trade. The overall sentiment from Bitcoin will have an impact on XRP tomorrow as well, although I expect to see positive price action from XRPBTC. My focus will remain on the lower time frame chart development to get the next healthy trade setup, the analyst writes.

For now the focus, WZRD says, is on lower-time-frame development: any decisive daily settlement above the red trend-line would confirm trend reversal and set the stage for a sprint to $2.80and, should that level fall, the analyst argues history will be in the making.

At press time, XRP traded at $2.13.

Text source: NewsBTC

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