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XRP is beginning to attract attention once more as signs of a potential surge start to materialize. As market sentiment gradually changes and XRP secures vital support levels, analysts propose that the environment might be conducive for the next bullish wave. If momentum continues to grow and significant resistances are surpassed, XRP could be poised for a remarkable price increase to $8.5.
Elliott Wave Indicates Significant XRP Price Surge
Paul Webborn, a cryptocurrency analyst on X (previously Twitter), has issued a fresh XRP projection update, reinforcing his optimistic view on the third-largest cryptocurrency. In his assessment, the market specialist reveals that XRP could be entering a robust bullish phase, with anticipated targets perhaps reaching or exceeding $8 in this cycle.
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Webborn’s review employs Elliott Wave Theory to monitor XRP’s price fluctuations from its June 2022 low, pinpointing that moment as the initiation of a fresh bullish phase. The chart presents a visual guide to XRP’s forthcoming trajectories based on the impulse wave pattern.
The cryptocurrency is anticipated to undergo a brief ascent towards initial goals beneath $8, followed by a short dip before a final surge that could elevate XRP to unprecedented highs. Notably, the chart indicates that principal Waves A and B have already unfolded, and XRP is currently moving through Wave C, which is developing in five intermediate waves.
Intermediate waves 1 through 4 seem complete, with Wave 5 still developing. Webborn points out that this concluding fifth wave is expected to subdivide into five smaller minor waves. Minor wave 3 is estimated to drive XRP towards the $5 and $6 bracket, while the entire extension of Wave C might take it between $8 and $10.
The analyst has established an invalidation threshold at $1.90, suggesting that any decline beyond that would disrupt the existing bullish pattern and likely result in additional downward pressure on XRP’s price. Webborn anticipates that if the $1.90 mark is breached, XRP may potentially face a downturn towards new lows around $0.287, equating to an over 87% drop from its current market value.
Nevertheless, the chart implies that this low has already been achieved, further bolstering the bullish outlook indicating that the altcoin may be on the brink of a substantial upward breakout. Although Webborn has not specified a particular timeline for his optimistic projection, he believes that the impending months could be explosive as the market transitions into the next phase of the impulse.
Current Update on Price Movement
Recently, XRP’s price has sustained robust support above $2, demonstrating fortitude despite an extended consolidation phase. CoinMarketCap statistics indicate that the cryptocurrency is presently trading at $2.22, representing a modest 1.35% increase over the last 24 hours.
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While XRP’s price remains notably below its all-time high, data from CoinCodex illustrates that market sentiment is still highly optimistic. The cryptocurrency’s Fear and Greed Index presently stands at 64, firmly positioned in the ‘Greed’ territory.
Featured image from Getty Images, chart from Tradingview.com
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