$22 XRP Price Forecast: Analyst Predicts Bullish Third Elliott Wave
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An analyst’s recent Elliott Wave analysis projects a bullish trend for XRP, with the third wave potentially pushing the price to $6.
Charting Guy indicates that XRP completed Wave 2 with a July 5 drop to $0.3825 and is now entering Wave 3, historically the most bullish phase.
Following Wave 3, Charting Guy anticipates a minor correction in Wave 4 but expects the overall bullish trend to continue, potentially driving XRP prices to $22.
XRP Price Prediction: Analyst Forecasts Potential Surge to $22
An analyst’s recent Elliott Wave analysis suggests a bullish outlook for XRP, with the third wave potentially pushing the price up to $6. According to Charting Guy, XRP completed Wave 2 with the July 5 drop to $0.3825 and is now entering Wave 3. Historically, Wave 3 is often the most bullish phase.
Various analysts have set multiple bullish targets for XRP amid this third Elliott Wave. Last December, CryptoBull projected that Wave 3 could elevate XRP to $27. More recently, Cryptobilbuwoo forecasted a range of $21 to $45 for this wave.
people highly underestimate how violent altcoin wave 3s are$XRP https://t.co/l10wNpKS6d pic.twitter.com/BPY2izy869
— Charting Guy (@ChartingGuy) July 24, 2024
Following Wave 3, Charting Guy anticipates a corrective Wave 4, which might involve price consolidation or a minor pullback. Nonetheless, the overall bullish trend is expected to persist with Wave 5, potentially driving XRP prices up to $22. Charting Guy also mentioned that while $22 represents an optimistic target, a more realistic goal would be in the range of $8 to $13.
Key Points:
- XRP completed Wave 2 at $0.3825 on July 5.
- Analysts predict Wave 3 could push XRP to $6.
- Overall bullish trend likely to continue through Wave 5, with targets ranging from $8 to $22.
Impact of Mt. Gox Distribution and Ethereum ETF Performance on XRP Price
XRP Trading Volume Surges Amid Ripple vs. SEC Speculation
XRP’s trading volume has surged by 21% to $2.07 billion, reflecting renewed interest in the cryptocurrency. Over the past 24 hours, more than 3 billion XRP tokens were traded, showcasing strong liquidity and market demand.
This increase in volume comes amid speculation about a potential settlement or ruling in Ripple’s ongoing lawsuit with the SEC, which could significantly impact XRP’s price.
A favourable outcome for Ripple could see XRP surpass the $1 mark, while a negative ruling could lead to substantial declines.
Despite broader market conditions, the potential Ripple vs. SEC settlement might help stabilize XRP’s price around $0.62. The increased trading volume and positive sentiment could limit losses and provide some support.
Key Points:
- XRP trading volume increased by 21% to $2.07 billion.
- Over 3 billion XRP tokens traded in the last 24 hours.
- Speculation on Ripple vs. SEC case impacting XRP price sentiment.
XRP Price Prediction
XRP/USD is currently trading at $0.6200, reflecting a 1.44% increase in the latest session. An upward channel supports the price movement, maintaining buying pressure above the $0.5982 level.
This trend is further reinforced by the 50-day Exponential Moving Average (EMA) at $0.5899, indicating a sustained bullish outlook. The Relative Strength Index (RSI) stands at 58.91, suggesting moderate bullish momentum.
Key price levels to watch include the pivot point at $0.5982, which acts as a critical support level. Immediate resistance is found at $0.6266, with additional resistance levels at $0.6561 and $0.6731. On the downside, immediate support is at $0.5982, followed by $0.5899 and $0.5616.
The technical indicators signal a bullish trend as long as XRP/USD remains above the $0.5982 pivot point. The RSI indicates room for further upside, and the alignment of the 50 EMA supports this view.
In conclusion, XRP/USD shows a positive outlook, supported by strong technical indicators and price levels. Conversely, maintaining above this level could lead to further gains, with potential targets at $0.6266, $0.6561, and $0.6731.
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