Analyst Says Third Elliott Wave Could Hit $22
The post Analyst Says Third Elliott Wave Could Hit $22 appeared on BitcoinEthereumNews.com.
Market analyst Charting Guy has projected a bullish trajectory for XRP, highlighting the potential for price surges driven by Elliott Wave theory. He made this assertion while analyzing XRP’s recent price movements on X. According to his projection, XRP is currently in the early stages of its third wave, a phase that historically signifies robust upward momentum. Notably, XRP faced a significant downturn earlier this month, collapsing to a 16-month low of $0.3825 on July 5. This decline was triggered by a broader market downtrend, catalyzed by the German government’s Bitcoin sales. The drop marked the lowest price for XRP this year and the first time it traded below $0.40 since March 2023. However, XRP has since staged an impressive recovery. From its $0.3825 low, XRP has risen to $0.6029, marking a 57.6% increase. This rebound aligns with the start of the third wave, as indicated by Charting Guy’s analysis. XRP Elliott Wave Analysis Charting Guy’s 2-day chart reveals the completion of Wave 2 with the July 5 drop to $0.3825. His projections suggest that XRP is now embarking on Wave 3, which is anticipated to push prices up to $6. people highly underestimate how violent altcoin wave 3s are$XRP https://t.co/l10wNpKS6d pic.twitter.com/BPY2izy869 — Charting Guy (@ChartingGuy) July 24, 2024 Wave 3 is usually the most bullish wave. Several analysts have in the past predicted multiple bullish targets for XRP amid this third Elliott Wave. Last December, market watcher CryptoBull suggested that the Wave 3 could take XRP to $27. Most recently, Cryptobilbuwoo proposed that this wave could push XRP to a range of $21 to $45. Meanwhile, following Wave 3, Charting Guy predicts a corrective Wave 4, which might see some price consolidation or a minor pullback. However, the overall bullish trend is expected to continue with Wave 5,…
Filed under: News - @ July 25, 2024 12:22 pm