As the XRP price struggles to exit its current consolidation phase, the cryptocurrency has significant ground to cover before registering a definitive upward trend. Recently, XRP has navigated through several critical support levels, but it appears to be at a crossroads, waiting for a pulse of buying momentum that could propel it higher. Renowned XRP analysts suggest that the altcoin may have more room for growth, especially with an anticipated altcoin season on the horizon.
Understanding the Five Wave Counts for XRP
Cryptocurrency analyst Dark Defender recently shared insights on social media platform X (formerly Twitter), elaborating on potential future price movements for XRP following its recent retest of the $2.22 level. The rejection observed at this point brings XRP to a crucial support level at $2.13, a threshold that could prove pivotal for the bearish sentiment in the market. Notwithstanding the current bearish retest, there are bullish projections for XRP’s trajectory that warrant attention.
According to Dark Defender, XRP’s price action may unfold across five distinct waves, with the initial wave anticipated to be bullish. Analyst sentiments indicate that the ongoing price correction may be nearing its conclusion, paving the way for the first wave to initiate, which could see XRP’s price rally to approximately $2.8.
Following this initial bullish phase, the second wave is expected to experience a steep correction, potentially pushing the price down nearly 20% to around $2.3. However, the analyst expresses optimism for the third wave, predicting that it will surpass the first wave, ultimately driving XRP toward a new all-time high above $4. Specifically, market expectations suggest that the price could eclipse the 2017 high of $3.8.
The fourth wave is anticipated to witness a temporary dip below $4, but this decline is not expected to last. The final wave is projected to usher in a significant price escalation, with predictions placing XRP’s price as high as $6.3 during this closing spike.
Interestingly, this entire series of events is anticipated to occur within a relatively short timeframe, with expectations of completion by December 2025. This timeline suggests that substantial price movements could unfold within the next seven months.
While the bullish outlook remains enticing, investors should be cautious of potential invalidation scenarios. A critical support line at $1.88 has been identified; breaching this threshold could spark further declines and jeopardize the current positive wave count.
In summary, while the XRP price faces myriad challenges in the near term, the forecasted wave count presents a cautiously optimistic perspective for investors. As always, it is crucial to proceed with vigilance in the dynamic realm of cryptocurrency.
