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.