XRP Remains on Track Toward $5 If This Support Level Holds Steady
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The current XRP price demonstrates strong bullish indicators over the medium term, with forecasts pointing toward significant movements toward a new all-time high. Despite ongoing market volatility, the cryptocurrency maintains crucial support levels, keeping a bullish trajectory aimed at the $5 mark.
Elliott Wave Analysis for XRP’s Path Towards $5
An analyst from XForceGlobal, specializing in Elliott Wave theory, recently provided an analysis of XRP’s price movements and wave formations, suggesting that XRP is on a bullish trajectory with the potential to reach around $5.4.
Related Insights
Price charts reveal that XRP is nearing the conclusion of a complex corrective phase and is about to embark on a strong upward movement. The current wave dynamics suggest that XRP is following a “1-2 scenario,” anticipating a powerful Wave 3 that could elevate its value significantly.
They have identified a Fibonacci retracement zone between $2.00 and $1.80 as a possible entry point, showing that price action remains resilient within this range. A key price level to monitor for XRP is the regional low at $1.60, which serves as an essential support level influencing the cryptocurrency’s next direction.
The significance of this support level lies in the fact that if XRP remains above it, the optimistic forecast and the current structure will stay valid. Conversely, a drop below this level could signal a bearish shift, potentially nullifying the bullish perspective.
With the $1.60 position serving as a solid support base, projections indicate that XRP could soon surpass $3.20, potentially reaching $5.40 in the upcoming months. This would signify a new all-time high for XRP, reflecting a 40.63% rise from the existing high of $3.84.
$2.18 Identified as a Critical Breakout Threshold for the Altcoin
Echoing a similarly positive outlook, crypto analyst Bitcoin Benny has provided a technical review of XRP on a 1-hour timeframe to outline its potential price movements. The analyst suggests that XRP is showing recovery signs after a steep market correction in late April.
Related Insights
After previously reaching a peak around $2.3, the cryptocurrency experienced a notable decline, hitting a low of approximately $2.125, where buying interest emerged to stabilize its value. This support level has proven resilient, with the XRP price currently consolidating just below this threshold.
As highlighted on the chart, the analyst has identified a crucial resistance point at $2.18, designating it as a key breakout point. If the altcoin can break and close decisively above this level, Bitcoin Benny anticipates a momentum-driven rally, termed “send season,” which could propel XRP to new heights and potentially revisit previous peaks.
Image from Getty Images, chart from Tradingview.com
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