XRP Poised for Surge Above $13 on Complex Elliott Wave Pattern, Analyst Claims
Chartered market technician Tony Severino predicts a significant price increase for XRP, citing a multi-year Elliott Wave pattern.
- XRP has remained stagnant at around $0.6 despite a recent market recovery.
- Severino’s analysis uses a monthly chart highlighting a complex structure of Elliott Wave patterns influencing XRP since 2013.
- The current price action aligns with a specific five-wave pattern initiated in 2013.
Is $XRP a sleeping giant that's about to awaken? pic.twitter.com/ZzoH8WfIdk
— Tony "The Bull" Severino, CMT (@tonythebullBTC) March 25, 2024
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XRP’s Multi-Year Elliott Wave Journey
- Wave 1 (Dec 2013): Price rallied to $0.06144 before encountering resistance.
- Wave 2 (Aug 2014): Price corrected significantly, reaching a low of $0.00478.
- Wave 3 (Jan 2018): Price skyrocketed 69,293% to its all-time high of $3.3170.
- Wave 4 (Until Feb 2024): A six-year correction period with the formation of a symmetrical triangle. Price dropped 84% to $0.5036.
- Wave 5 (Present): This wave is expected to propel XRP out of the symmetrical triangle and trigger a price surge.
Potential Price Surge and Bullish Signs
- The price increase is projected to surpass the previous ATH and enter a price discovery phase with potential corrections.
- The ultimate target is $13.23, representing a 1,555% increase from the symmetrical triangle breakout price (estimated at $0.7992).
- Severino compares XRP to a “sleeping giant” about to awaken, highlighting the potential for a significant breakout.
- The monthly RSI is also poised for a potential reversal, indicating a possible surge in momentum.
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Current XRP Market Status
- XRP is currently trading at $0.6328, reflecting a 7.81% monthly gain but flat over the past week.
- Derivatives volume has decreased by 12.82% to $1.75 billion in the last 24 hours, with Open Interest dropping to $993 million (down 4.66%).
Disclaimer: This news article reports on an analyst’s prediction and should not be considered financial advice. Always conduct your research before making any investment decisions.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
