Forget The Dip! XRP Primed For Epic Rally To $36, Expert Claims
23 Giugno 2024 - 5:30PM
NEWSBTC
The price of XRP, the native token of RippleNet, has been caught in
the crosshairs of a bearish crypto market. Currently trading below
the crucial $0.50 mark, XRP seems to be following the broader
market trend. However, a recent analysis by market analyst Tylie
Eric throws a glimmer of hope for XRP holders, predicting a
potential price surge based on a technical indicator. Related
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Soars Understanding Elliott Wave Theory Eric argues that XRP’s
price movements might be following a historical pattern known as
the Elliott Wave theory. This theory proposes that market trends
unfold in a specific five-wave structure, with each wave
representing a distinct phase in the price cycle. According to
Eric, XRP has exhibited this five-wave structure on multiple
occasions in the past on its weekly chart. Notably, each time this
pattern materialized, the fifth and final wave culminated in a
significant price increase. #XRP. BEAT BY BEAT I think XRP has
ticked all the boxes and held all requirements to continue with
wave 3 of wave 5, Same way it did in 2017!
pic.twitter.com/qqexAC7b1X — Tylie E (@TylieEric) June 20, 2024
Eric cites the example of early 2017, where the completion of the
fifth wave triggered a surge that propelled XRP to a high of $0.39,
a staggering 7,700% increase. This upswing was followed by a brief
consolidation period before another decisive rally to $3.30. A
Potential Fifth Wave? Building on this historical precedent, Eric
believes XRP is nearing the conclusion of another five-wave
structure that began its formation after the 2017 price drop. His
analysis suggests that all four preceding waves have unfolded over
the past six years, paving the way for a potential fifth wave that
could mirror the dramatic rise witnessed in 2017. Eric’s audacious
prediction hinges on the assumption that the fifth wave will again
translate to a substantial price increase. His chart projects a
potential upsurge of a staggering 7,630%, which would propel XRP to
a price target of a phenomenal $36. This prediction aligns with
forecasts from other analysts like CryptoInsightUK, who projected
an XRP price surge to $34 last September. Related Reading: Don’t
Miss The Floki FOMO: Social Media Sends Meme Coin On 300% Rip Long
Way Ahead Eric’s prediction hinges on the completion of the Elliott
Wave structure, a technical theory that remains a subject of debate
among financial experts. Furthermore, the $36 price target appears
highly ambitious. It’s important to remember that achieving such a
price point would require XRP to surpass the current market
capitalization of all cryptocurrencies combined. Featured image
from Getty Images, chart from TradingView
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