Key Takeaways:
– XRP has broken out of a four-year consolidation period, indicating the commencement of a bullish trend.
– Crypto analyst predicts XRP price has the potential to surge to $3.4 following the end of its 11-year SuperCycle.
– Bullish forecasts are based on the Elliott Wave Theory, a technical indicator that identifies long-term price patterns.
– The price of XRP has significantly rallied by 101.77% following the recent US presidential elections.
XRP Breaks Through Consolidation Phase
XRP, a cryptocurrency popular among traders, has recently broken through its four-year long consolidation period. This event might mark the beginning of a bullish uptrend. The consolidation period interestingly aligns with the period when XRP was entangled in a legal dispute with the US Securities and Exchange Commission (SEC). Following the lawsuit, the XRP price took a significant hit, remaining range-bound for years amidst legal and regulatory challenges.
The Bullish Forecast: $3.4 Surge Ahead
In a recent analysis by Skyrexio, a renowned crypto analyst on TradingView, the price of XRP is forecasted to rise to $3.4. Skyrexio’s bullish prediction is based on the Elliott Wave Theory. This technical indicator predicts asset price movements by identifying recurrent long-term price patterns.
Skyrexio outlined that XRP’s first Elliott Wave began nearly 11 years ago in 2013, followed by a price correction and then the legendary Wave 3.
Analysis of XRP’s SuperCycle
In the last three years, the XRP value has seen a sideways trend. It did not see significant gains to push its price notably above the $0.5 mark. However, Skyrexio interprets this prolonged sideways movement as a corrective triangle pattern in Wave 4.
The recent breakout from this triangle pattern signals the end of the correction phase for the cryptocurrency. Skyrexio suggests that XRP is now set to begin Wave 5, the final leg of its first global Super Cycle.
Skyrexio also outlined two bullish price targets for XRP. The crypto token could spike between $2.5 to $3.8 at the end of this SuperCycle. The analyst emphasized that the higher price target at $3.8 has a high probability due to historical data.
The Unmistakable Bullish Indicators
Concluding the analysis, Skyrexio highlighted key bullish indicators, like a bullish reversal bar and a green dot on his price chart. These bullish signs are strong indicators of a potential upward move that could propel XRP price to its final bullish target.
The Recent Rally and XRP Price Dynamics
In a landmark achievement, the XRP price doubled its value in just one week. This noteworthy rally was observed following Donald Trump’s win in the recent US presidential elections. Earlier this year, XRP was stuck in the $0.5 range and made only slight gains. Eventually, the crypto token managed to break through that significant resistance level. Now trading above $1, the cryptocurrency has piqued the broader crypto community’s interest. At the time of this writing, XRP has gained another 10.1% and is priced at $1.16.
In conclusion, with the end of the bearish SuperCycle phase, the crypto token is expected to surge as high as $3.4 soon. Cryptocurrency enthusiasts and investors are watching closely as XRP enters a new phase of potential bull growth.