Veteran Trader Predicts Cardano Breakout To $2.9 As XRP Eyes New All-Time High in Elliott Wave Structure

Javon Marks, one of the most respected crypto traders, has predicted that the Cardano price could be on its way to a quick move to $1.2. According to the analyst, Cardano has escaped a falling wedge pattern, and the bigger trend can drive ADA to revisit its 4-year-old all-time high.

Another top altcoin experiencing a very similar bullish trend is XRP. The pseudonymous analyst, Dark Defender, has explained that the XRP price has been moving in line with a five-wave Elliott Wave structure on the daily timeframe. With this trend, the analyst explained that XRP is on track to hit a new ATH soon.

Analyst Spots Major Breakout Pattern on Cardano (ADA) 

Since Cardano (ADA) failed to flip the $1 resistance into a support level in mid-August, its price has been on a gradual decline. Although the drop led to Cardano trading at a low price of $0.80, it has now recovered to above the $0.82 support level.

With the recovery over the past few days, the popular crypto analyst, Javon Marks, has spotted a trend that preceded previous rallies. Marks pointed out that ADA has formed falling wedge patterns on numerous occasions that have culminated in major breakout rallies. 

In previous cases, the higher move occurred following weeks of accumulation within the downward sloping trendlines, after which a retest happened before the price explosion. The same pattern is currently being formed, hinting that a major Cardano price rally could happen soon.

Marks estimates that the Cardano price will increase by at least 40-57 percent to reach over $1.20. Breaking above this resistance will set up Cardano for an even bigger rally. Marks estimates in the long term that the rally will drive the price of ADA to a high of $2.91 to revisit the all-time high of 2021.

XRP Price Could Rally To New All-Time High in Elliott Wave Structure

Since the XRP price dropped under the $3 support level, the altcoin has struggled to hold above the $2.80 support level. However, in a recent update, the pseudonymous analyst, Dark Defender, has explained that the XRP price has been moving in line with a five-wave Elliott Wave structure on the 1D timeframe.

With the analyst saying that the XRP price has completed the fourth wave, the altcoin must maintain $2.85 to begin the fifth wave. This area is the 23.6 percent Fibonacci retracement of the recent rally and was a pivot in previous price action.

The fifth wave is still in play provided the price of XRP remains at or near this zone. In the fifth wave, the analyst predicts that the XRP price could increase by more than 55% from its current range to reach a new all-time high of $4.39. XRP whales have also been buying in anticipation of a potential rally.

Along with the promising XRP technical analysis, there are other positive fundamentals that are thrilling XRP holders. The biggest one is the potential approval of XRP ETFs that could come from the SEC by next month. John Deaton has predicted that the inflows into the XRP ETF will shock many and potentially ignite a massive rally.