XRP Price Forecast: Wave 5 Signals Impending Supercharged Growth To $13 By 2024
22 Dicembre 2023 - 1:00AM
NEWSBTC
XRP price has recently demonstrated a sideways price action,
deviating from the overall trend witnessed across the
cryptocurrency market and altcoins. Despite a modest 2%
growth in the past 30 days, with prices ranging between $0.6427 and
$0.5994, a crypto analyst operating under the pseudonym James
Crypto has made a bold prediction based on Elliott Wave Theory’s
interpretation of XRP’s monthly chart. Grand 5th Wave And
Potential Rally For XRP Price James Crypto points to an intriguing
possibility of XRP price entering a grand 5th wave, drawing
attention to the extended durations of Wave 1 and Wave 3. The
Elliott Wave Theory, developed by Ralph Nelson Elliott in the
1930s, is a technical analysis tool widely used to forecast future
price movements in financial markets. The theory suggests
that price movements unfold in recurring wave patterns, which can
provide insights into potential future trends. According to
the theory, a complete market cycle consists of five waves, with
three impulse waves (1, 3, and 5) and two corrective waves (2 and
4). The fifth and final wave is often associated with a significant
price surge before a potential reversal or consolidation. Related
Reading: Shiba Inu Eyes $0.00002 As Shibarium Marks Momentous
Milestone James Crypto’s analysis focuses on XRP’s monthly chart,
which provides a broader perspective on the asset’s price
movements. The extended duration of Wave 1 (20 weeks) and
Wave 3 (spanning over 40 weeks) caught the analyst’s attention. By
extrapolating this trend, the theory suggests the possibility of a
60-week Wave 5, which could mark a substantial price rally for XRP.
Should XRP price follow the projected Elliott Wave pattern, James
Crypto’s forecast points to a supercycle top expected to occur in
March to April 2024. The target price range for XRP during this
period is estimated to be between $5 and $13. Struggles
Amidst Price Declines Trading at $0.6147, XRP has experienced a
decline of 0.5%, 1.4%, and 4.3% over the past 24 hours, seven days,
and fourteen days, respectively. These downward trends highlight
the token’s current lack of bullish momentum and catalyst.
CoinGlass’ liquidation heatmap indicates a critical juncture for
XRP’s price, as significant leveraged positions exist on both sides
of the market. The heatmap reveals notable liquidations at the
$0.6284 and $0.6347 levels, with the largest amount observed at
$0.5960 over the past three days. Considering these developments,
XRP may initially break through the long liquidation level before
experiencing another upward movement to bolster much-needed bullish
momentum. However, given the unpredictable nature of
volatility and price actions, a short squeeze could potentially
occur first, temporarily driving the XRP price above its nearest
resistance levels. Related Reading: Renewed Hope For Crypto: 2023
Sets The Stage For A Monumental 2024 The outcome remains uncertain
as to which side will yield first and what additional catalysts may
contribute to a price surge for XRP, aligning it with the overall
market trend of gains as we approach the end of the year. Featured
image from Shutterstock, chart from TradingView.com
Grafico Azioni Ripple (COIN:XRPUSD)
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Da Set 2024 a Ott 2024
Grafico Azioni Ripple (COIN:XRPUSD)
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Da Ott 2023 a Ott 2024