Analyst Predicts XRP Could Experience a Significant Rise with Third Elliot Wave Potentially Reaching $22

Renowned market analyst Charting Guy has projected a bullish trajectory for XRP, based on Elliott Wave theory. His in-depth analysis indicates that XRP is currently in the early stages of its third wave, signalling potential for robust upward momentum.

XRP experienced a significant downturn earlier this month, dropping to a 16-month low of $0.3825 on July 5 due to a broader market downtrend triggered by the German government’s Bitcoin sales. However, the token has since shown an impressive recovery, rising to $0.6029, marking a 57.6% increase from its low point.

Charting Guy’s 2-day chart analysis 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, with a potential target price of $6.

Following Wave 3, a corrective Wave 4 is anticipated, potentially leading to price consolidation or a minor pullback. However, the overall bullish trend is expected to continue with Wave 5, possibly driving XRP prices to an impressive $22.

XRP Daily Chart and XRP Position

Examining XRP’s daily chart, the Bollinger Bands indicate a relatively stable volatility range, with the price gravitating towards the upper band at $0.6759. The Average True Range (ATR) indicator suggests a moderate level of market volatility.

Charting Guy’s analysis concludes with an optimistic price goal of $8 to $13, with a most optimistic target of $20, following the completion of Wave 5.

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Tolulope Zaccheaus

Tolu Zach is a multifaceted professional with expertise in both crypto content creation and medical laboratory technology. With a unique blend of analytical skills and industry knowledge, Tolu navigates the complexities of cryptocurrency while maintaining a pivotal role in healthcare. Trusted for insightful analysis and accurate diagnostics, Tolu excels in diverse fields.

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