The XRP price continues to show strong bullish signals in the medium term, with a crypto analyst forecasting a significant move to a new ATH. Despite ongoing market fluctuations, the cryptocurrency maintains key levels, sustaining a bullish trajectory toward the $5 target.
Elliott Wave Maps Out XRP Price Path To $5
XForceGlobal, a Certified Elliott Wave analyst, recently shared a medium-timeframe Elliott Wave analysis of XRP, focusing on its price action and wave structure. According to the analyst, XRP remains on a bullish path, indicating a robust potential for upward movement targeting $5.4.
The price chart illustrates that XRP is in the final stages of a complex corrective pattern, primed to enter a powerful third-wave rally. The current wave structure indicates that XRP is forming a “1-2 scenario,” with the next Wave 3 expected to elevate its price dramatically.
XForceGlobal has identified a Fibonacci Retracement zone between $2.00 and $1.80 as a viable entry point, with price action exhibiting resilience near this range. The critical price level to monitor is the regional low at $1.60, which serves as the most important support level determining the cryptocurrency’s subsequent move.
This support level is vital because if XRP’s price remains above it, its projected bullish scenario and current structure remain intact. Conversely, if the price dips below this threshold, the trend could shift bearish, undermining the bullish outlook.
With $1.60 serving as a stable support foundation, XForceGlobal anticipates that XRP could soon surpass $3.20 and possibly reach $5.40 in the coming months, marking a new all-time high for XRP and representing a 40.63% increase from its previous ATH of $3.84.
$2.18 Flagged As Key Breakout Level For The Altcoin
Aligning with a bullish forecast, Bitcoin Benny, a crypto analyst, has shared a technical analysis of XRP on the 1-hour timeframe, mapping out its likely price trajectory. According to the analyst, XRP shows signs of recovery after enduring a sharp market correction in late April.
Having risen to a significant high of around $2.3, the cryptocurrency experienced a dramatic decline, reportedly bottoming out at approximately $2.125, where buyers promptly stepped in to stabilize its price. This support level has held firm, with the XRP price currently consolidating just below this key point.
Marked on the right side of the chart, the analyst has identified a crucial resistance level at $2.18, designating it as a critical breakout point. Should the altcoin decisively break and close above this level, Bitcoin Benny predicts that it could trigger a “send season,” a momentum-driven rally that may propel XRP towards new heights, potentially retesting its previous highs.
