Analyst Predicts XRP Surge to $6.60 Before Major Pullback
The post Analyst Predicts XRP Surge to $6.60 Before Major Pullback appeared on BitcoinEthereumNews.com. Elliott Wave analysis shows XRP still in fifth wave formation from its 2013 lows. Analysts have tracked two scenarios with $5-$6.60 price targets for the next high. Short-term support is identified at $2.12 with a backup zone between $1.84 and $1.84-$2.01. Cryptocurrency analyst More Crypto Online (MCO) has shared two potential Elliott Wave scenarios for XRP. Both scenarios suggest another push to new highs before a correction phase begins. The analysis, focused on the 4-day chart, responds to viewer questions about the analyst’s alternative “white scenario” while maintaining the primary “yellow scenario” as the more probable outcome. According to the primary yellow scenario, XRP is completing a 5-wave move up from its 2013 low. “The yellow scenario would complete with potentially one more high and another rally into all-time high territory,” the analyst explains. This structure would conclude the five waves that began from the 2013 bottom, with waves 1, 2, and 3 already complete, wave 4 forming a triangle pattern, and wave 5 currently in development. The completion of this 5-wave structure would likely lead to a substantial correction, which could take XRP back to the previous wave 4 region, around the $0.40-$0.50 range. While some investors might dismiss the possibility of such a deep pullback, MCO reminds viewers that XRP had previously crashed from $3.40 to $0.11 following the 2017 peak. “Never say never in markets,” the analyst cautions, recalling 2021’s bull market when everyone insisted that Bitcoin would never dip below $30,000, but it did. Wave Theory Hints at XRP’s Last Big Rally The other white scenario shows a different vision. In this concept, the market is still in the fifth wave of the rally that began in 2013, but the present bull market started in 2020. Such a pattern would then have a wave one, a…
The post Analyst Predicts XRP Surge to $6.60 Before Major Pullback appeared on BitcoinEthereumNews.com.
Elliott Wave analysis shows XRP still in fifth wave formation from its 2013 lows. Analysts have tracked two scenarios with $5-$6.60 price targets for the next high. Short-term support is identified at $2.12 with a backup zone between $1.84 and $1.84-$2.01. Cryptocurrency analyst More Crypto Online (MCO) has shared two potential Elliott Wave scenarios for XRP. Both scenarios suggest another push to new highs before a correction phase begins. The analysis, focused on the 4-day chart, responds to viewer questions about the analyst’s alternative “white scenario” while maintaining the primary “yellow scenario” as the more probable outcome. According to the primary yellow scenario, XRP is completing a 5-wave move up from its 2013 low. “The yellow scenario would complete with potentially one more high and another rally into all-time high territory,” the analyst explains. This structure would conclude the five waves that began from the 2013 bottom, with waves 1, 2, and 3 already complete, wave 4 forming a triangle pattern, and wave 5 currently in development. The completion of this 5-wave structure would likely lead to a substantial correction, which could take XRP back to the previous wave 4 region, around the $0.40-$0.50 range. While some investors might dismiss the possibility of such a deep pullback, MCO reminds viewers that XRP had previously crashed from $3.40 to $0.11 following the 2017 peak. “Never say never in markets,” the analyst cautions, recalling 2021’s bull market when everyone insisted that Bitcoin would never dip below $30,000, but it did. Wave Theory Hints at XRP’s Last Big Rally The other white scenario shows a different vision. In this concept, the market is still in the fifth wave of the rally that began in 2013, but the present bull market started in 2020. Such a pattern would then have a wave one, a…
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