The cryptocurrency market has seen significant volatility in recent times, with prices fluctuating wildly. However, amidst this turbulence, some coins are showing promising signs of recovery. Among them is XRP, which has been slowly but surely climbing the charts.
One analyst has spotted an interesting Elliott Wave structure on the 1-month chart of XRP, suggesting that the coin is approaching its fifth and final wave in a long-term bullish cycle.
Chart: TradingView
According to the analyst, after the 2014 market bottom, XRP entered a bullish Wave 1, which concluded with a corrective Wave 2 in early 2017. From there, Wave 3 began, pushing XRP from around $0.005 to over $3 by early 2018. This move marked the completion of Wave 3 and ushered in Wave 4, a long corrective phase.
Since then, XRP has struggled to reclaim previous highs, consolidating throughout Wave 4. However, the analyst believes that this correction ended in early 2023, setting the stage for the emergence of Wave 5, which is now forming.
During this ongoing fifth wave, XRP has again approached the $3 mark, touching a high of $3.34 before retracing. Despite short-term price fluctuations, the analyst remains optimistic about the broader trend, stating that “we’re still in the fifth wave.”
While the analyst did not provide an estimate for the potential price gains that could be seen during this fifth wave, if the pattern plays out as indicated, it could see XRP reach levels as high as $30 or more.
However, it’s important to note that Elliott Wave theory is a subjective form of technical analysis and different analysts may interpret the same chart patterns in different ways. There is no guarantee that the pattern spotted by this analyst will continue as planned.
