XRP News Today: XRP Surges 6% as Bitcoin Hits $118,000 All-Time High

XRP, a major altcoin, has gained 6% in the past 24 hours, following the bullish momentum in the cryptocurrency market. Bitcoin (BTC) surged to a fresh all-time high of $118,000, while Ethereum (ETH) rallied 8% to break above the $3,000 mark. This price action has lifted major altcoins, including XRP, which has shown significant gains.

Beyond the price action, a classic harmonic structure on XRP’s chart has emerged, suggesting that this move might just be getting started. Zooming into XRP’s daily chart, a well-defined ABCD harmonic pattern is clearly in play. The move began in April from point A near $1.61, before a sharp rise took XRP to point B in early May. This was followed by a healthy correction to point C near $1.91 by late June — a typical move that fits the harmonic sequence.

Since then, XRP has been steadily grinding higher, now trading around the $2.58 level. This leg from point C to D is unfolding in a manner consistent with the harmonic roadmap, indicating the final target could be approaching — but not yet reached. If this harmonic pattern completes as expected, the next key level is the Potential Reversal Zone (PRZ) around $2.93. That’s the 1.272 Fibonacci extension from point B, and it represents a potential 13% upside from current levels.

However, we might see some retracement in the price before the full extension plays out, as the market is now fully pumped and some profit booking could occur. The formation of this harmonic pattern suggests that XRP could experience a short-term rally. The pattern's structure and historical performance indicate that traders should closely monitor XRP's price movements in the coming days. The potential upside move could provide an opportunity for traders to enter the market at a favorable price point and benefit from the anticipated price increase.

The harmonic pattern's significance lies in its ability to predict price reversals with a high degree of accuracy. Traders who recognize this pattern can use it to make informed decisions about their investments in XRP. The pattern's reliability and the potential for a short-term rally make it an attractive option for traders looking to capitalize on the cryptocurrency's price movements. In summary, the formation of a bearish ABCD pattern in XRP's daily chart signals a potential upside move for the cryptocurrency. This harmonic pattern provides traders with a reliable entry and exit strategy, allowing them to capitalize on the anticipated price increase. The pattern's historical performance and the analyst's forecast suggest that XRP could experience a short-term rally, making it an attractive option for traders looking to invest in the cryptocurrency.