As a seasoned analyst with over two decades of experience in financial markets, I must admit that I have seen my fair share of bull and bear cycles. However, the recent analysis by Skyrexio on XRP has piqued my interest. The idea that XRP could be on the verge of ending an 11-year SuperCycle and surging to $3.4 is intriguing, to say the least.
As a crypto analyst, I’ve observed that XRP has finally burst free from its prolonged consolidation period, indicating the imminent start of a substantial price surge. My prediction is that the XRP price may be on the brink of concluding an 11-year SuperCycle, which could open up the path for a potential spike to $3.4 once it’s fully realized.
SuperCycle To Trigger $3.4 Surge
Skyrexio, a well-known crypto analyst on TradingView, has shared an analysis predicting that the price of XRP might rise to approximately $3.4. According to his chart study, XRP has just broken free from its four-year holding pattern, which could suggest the initiation of a positive upward trend.
It’s no shock that the entire consolidation period aligns with the number of years XRP has been embroiled in a legal dispute with the U.S. Securities and Exchange Commission (SEC). After the lawsuit, the XRP price plummeted dramatically, remaining relatively stable for years as it grappled with legal and regulatory hurdles.
Significantly, Skyrexio’s optimistic predictions for XRP’s price are based on the Elliott Wave Theory, a technical tool used to forecast asset price movements by identifying repeated long-term price trends. The analyst pointed out that the first Elliott Wave for XRP started in 2013, approximately 11 years ago. Following this, there was a correction in XRP’s price, followed by what is known as the powerful Wave 3.
For the past three years, the value of XRP has moved mostly horizontally, without major increases to surpass the $0.5 level. However, Skyrexio suggests that this extended horizontal trend might represent a corrective triangle pattern in Wave 4.
The expert shared that XRP has managed to break free from a triangular formation, which typically indicates the conclusion of its corrective period. Now, he proposes that the digital currency has moved into its final phase, known as Wave 5, marking the culmination of its initial global SuperCycle.
According to Elliott Wave analysis by Skyrexio, there are two potential optimistic predictions for XRP’s future price. The analyst anticipates that the XRP value may increase to anywhere from $2.5 to $3.8 at the culmination of this SuperCycle. It is more probable, as suggested by historical data, that the upper price target of $3.8 will be reached, since in 90% of instances, Wave 5 surpasses the height of Wave 3.
Skyrexio highlighted several positive signals in his examination of the price chart, such as a bullish reversal pattern and a green marker at Subway C’s end. He implied that these bullish elements, visible on the monthly time scale, might suggest an imminent rise, potentially propelling the XRP price towards its ultimate bullish objective.
Update On XRP Price Dynamics
For the first time in several years, the value of XRP has reached a remarkable peak. Within a single week, this digital currency saw a staggering increase of 101.77%. This surge is attributed to the recent victory of Donald Trump in the U.S. presidential elections, which may have influenced the market dynamics positively.
Previously this year, the value of XRP hovered around the $0.5 mark, showing modest increases but failing to surpass a significant barrier known as resistance level. However, recently, the cryptocurrency has more than doubled its price and is currently trading above $1, an unprecedented achievement that has sparked interest within the wider crypto market. At this moment, XRP has risen an additional 10.1% and is valued at $1.16, as reported by CoinMarketCap.
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2024-11-19 00:40