Analyst Predicts XRP Will Soar—But Only Following This Drop
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XRP could be nearing a significant upward movement, but only after a necessary short-term correction, according to crypto analyst Quantum Ascent. In a video analysis shared recently, he cautioned that a decline to around the $2.13 mark seems increasingly probable, though he stressed that this phase fits into a broader bullish Elliott Wave pattern and will not disrupt the larger outlook.
XRP Poised for a Drop Before Rising?
“I had indicated that $2.71 was achievable, and we reached $2.66,” Quantum Ascent remarked, reflecting on a previous prediction from earlier in the month. “I was just a nickel off. However, it seems we’re experiencing a slight correction. The wave count has me slightly perplexed.”
The confusion arises from what looks like a finalized five-wave sequence. While typically the third wave in an Elliott Wave sequence is the strongest, the analyst pointed out irregularities in the current configuration that call for a more detailed technical examination. Nevertheless, the general framework—especially on the weekly chart—remains stable.
“You can identify one-two-three-four-five on the weekly chart,” he explained. “That signals a macro one-two. The upcoming third wave should propel us forward from this point.”
Related Insights
Diving into the 12-hour and daily charts, Quantum Ascent noted an ABC corrective wave pattern that seems to be unfolding, with expectations that the C wave will mirror the A wave’s length. His analysis suggests a downside target around $2.12 to $2.13, aligning with the 0.5 Fibonacci retracement drawn from the previous upward move, coinciding with prior wave four—a typical area of solid support.
“I think this area looks promising for a pause. We might consolidate here for a while,” he stated. “However, I anticipate that the subsequent movement will be upwards.”
He firmly asserted that a decline below $2.13 would not signal a breakdown in structure: “I find it hard to believe XRP will fall below $2 during this move. It could happen technically, but nothing would be fundamentally broken. We’re still watching for a one-two pattern, and the two might reach this range if needed.”
Related Insights
Quantum Ascent also underscored XRP’s relative strength compared to the overall crypto market, noting that it had recently reached a new high earlier than many other altcoins. “From a structural standpoint on the larger time frames, XRP is significantly more resilient than much of the market.”
The analyst, who shared that he initially purchased XRP around $0.50 and sold a considerable amount above $3, remains long-term optimistic and continues to regard XRP as a fundamental component of his portfolio. “This asset has treated me well,” he commented. “While I do foresee a temporary drop, it’s merely a short-lived phase.”
At this juncture, all attention is on the $2.13 level. If XRP can maintain support in that area, Quantum Ascent believes a new bullish wave 4 could commence soon, one that might push the token above the $2.80 threshold.
Currently, XRP is trading at $2.29.
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