XRP Wyckoff Pattern Indicates Potential Bullish Move to $3.70

Crypto analyst Charting Guy has analyzed the XRP/US Dollar chart using a Wyckoff re-accumulation schematic, suggesting a potential upward movement toward $3.70 this summer. Key points include:

The analysis covers a five-month period beginning with preliminary supply in late November.
A Buying Climax occurred at $2.68 in early December, followed by an Automatic Reaction to about $1.90.
Phase A included a Secondary Test that revisited $2.72, completing the initial sequence.
Phase B saw demand rebuild, marked by an Up-Thrust above $3.40 before a descending channel formed.
The market tested support around $1.61 on April 7, indicating a Spring of Phase C, followed by bullish confirmation near $2.00.
Phase D is expected to begin between $2.35 and $2.55, leading to a breakout above $3.40 around late May.
Phase E anticipates prices reaching $3.70 by early July, indicating a potential upside of approximately 74% from the current price of $2.12.

Charting Guy emphasizes that while the roadmap seems bullish, timing may vary, reinforcing the probabilistic nature of Wyckoff's methodology. The adherence to technical milestones supports the bullish outlook for XRP.

At press time, XRP was trading at $2.11.