A prominent crypto analyst has recently highlighted a significant development in the XRP market, noting that the cryptocurrency has finally emerged from its prolonged consolidation phase. This breakthrough could herald the beginning of a major price rally, potentially signaling the end of an 11-year SuperCycle. The analyst foresees XRP reaching a remarkable $3.4 as this phase concludes.
SuperCycle To Trigger a Remarkable Surge to $3.4
Skyrexio, an esteemed TradingView crypto analyst, has shared his insights on XRP’s price trajectory, projecting a possible ascent to $3.4. Through meticulous chart analysis, Skyrexio uncovered that XRP has recently broken free from a four-year consolidation period, which may indicate the onset of a bullish trend.
Understanding the Impact of the Legal Battle
Interestingly, the duration of this consolidation aligns with the years XRP has been entangled in a legal dispute with the United States Securities and Exchange Commission (SEC). This lawsuit resulted in a significant price crash, with XRP remaining range-bound for an extended period while grappling with legal and regulatory hurdles.
The Elliott Wave Theory: A Beacon of Hope
Skyrexio’s optimistic outlook for XRP is grounded in the Elliott Wave Theory, a technical analysis tool that forecasts asset price movements by identifying recurring long-term patterns. According to the analyst, XRP’s first Elliott Wave commenced in 2013, nearly 11 years ago. This was followed by a price correction and the notable Wave 3.
Current Market Movements
For the past three years, XRP’s price has been trading sideways, unable to achieve significant gains above the $0.5 mark. Skyrexio attributes this prolonged sideways movement to a corrective triangle pattern in Wave 4. The analyst notes that XRP has successfully broken out of this triangle, marking the end of its correction phase and the beginning of Wave 5—the final wave of its first global SuperCycle.
Forecasting Future Price Targets
Based on XRP’s Elliott Wave analysis, Skyrexio outlines two bullish price targets for XRP. He projects that XRP could rise between $2.5 and $3.8 upon the conclusion of this SuperCycle. He emphasizes that the higher target of $3.8 is more feasible, as historical data reveals that in 90% of instances, Wave 5 achieves a higher high than Wave 3.
Key Indicators of Bullish Momentum
Concluding his analysis, Skyrexio highlights key bullish indicators on his price chart, including a bullish reversal bar and a green dot at the end of Subway C. These bullish signals, evident on the monthly timeframe, strongly suggest the potential for an upward movement that could propel XRP to its ultimate bullish target.
Update On XRP Price Dynamics
XRP has reached a significant milestone for the first time in years. Within a single week, the cryptocurrency experienced a remarkable 101.77% rally, achieving substantial price gains following the recent US presidential elections. Earlier this year, XRP was confined to the $0.5 range, encountering slight gains but unable to surpass this crucial resistance level. Currently, the cryptocurrency has doubled its value, trading above $1—a historic achievement that has captured the attention of the crypto community.
Current Price and Market Sentiment
As of the latest updates, XRP has continued its upward trajectory, gaining an additional 10.1% and reaching a price of $1.16, according to CoinMarketCap. This upward momentum has solidified its position in the market, drawing interest from both investors and enthusiasts alike.
