XRP’s price trajectory continues to exhibit robust bullish cues for the mid-term as crypto experts predict a substantial leap towards a new all-time high (ATH). Despite unpredictable market oscillations, the digital asset manages to uphold crucial benchmarks, thus preserving its bullish route to the $5 mark.
XForceGlobal, a recognized Elliott Wave analyst, recently unveiled a medium-term Elliott Wave dissection of XRP, emphasizing its price progression and wave formation. The analyst’s study suggests that XRP is still on a bullish trajectory, hinting at a solid possibility of an upward thrust towards a $5.4 target.
The price chart illustrates XRP nearing the end of a complicated rectifying pattern, ready to embark on a potent third-wave rally. The ongoing wave configuration suggests a “1-2 scenario” for XRP, with an anticipated Wave 3 set to send its price skyrocketing.
XForceGlobal has highlighted a Fibonacci Retracement zone between the $2.00 and $1.80 range as a promising entry point. The price action demonstrates resilience around this area. The quintessential price level to monitor for XRP is the regional low at $1.60, which serves as a vital support level dictating the crypto asset’s subsequent move.
This support level is pivotal as if XRP’s price sustains above it, its anticipated bullish landscape and present structure remain unbroken. Conversely, a price dip below this point could steer the trend towards bearishness, possibly nullifying the bullish forecast.
With $1.60 serving as a solid support base, XForceGlobal projects that XRP could shortly skyrocket past $3.20 and potentially touch $5.40 in the upcoming months, marking a new ATH for XRP – a 40.63% surge from its current ATH of $3.84.
Bitcoin Benny, another crypto analyst, shares a similar bullish prediction. His technical analysis of XRP on the hourly timeframe charts out its probable price path. According to Benny, XRP exhibits signs of recuperation post a severe market correction at the end of April.
Following a significant high of around $2.3, the cryptocurrency experienced a drastic dip, reportedly bottoming out at approximately $2.125. Here, eager buyers swooped in to stabilize its price. This support level has since held firm, with the XRP price currently consolidating just below this point.
Bitcoin Benny has identified a key resistance level at $2.18, marking this point as a crucial breakout level. If the altcoin can conclusively breach and close above $2.18, Benny anticipates a momentum-fueled rally, potentially propelling XRP to new heights to possibly retest its previous highs.
