$22 XRP Price Forecast: Analyst Predicts Bullish Third Elliott Wave
XRP
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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
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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
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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Presale and Future Prospects
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.- How Tether Co-Founder William Quigley Views Crypto Regulations in Trump’s Second Term
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