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A crypto analyst has noted that XRPhas finally broken out of its long consolidation phase, signaling the onset of a major price rally. He further predicts that the XRP price is on the verge of ending an 11-year SuperCycle, which could pave the way for a surge to $3.4 once finalized. SuperCycle To Trigger $3.4 Surge
Skyrexio, a TradingView crypto analyst, has releasedan XRP price analysis, forecasting a possible increase to $3.4. In the chart analysis, Skyrexio disclosed that XRP has recently broken out of its four-year consolidation period, potentially signaling the start of a bullish uptrend. Related Reading Ethereum Sees $1 Billion Exchange Outflow Alongside Bitcoin: What This Means For Price 1 day ago
Unsurprisingly, the total duration of the consolidation period coincides with the number of years XRP has been involved in a legal battlewith the United States Securities and Exchange Commission (SEC). Following the lawsuit, the XRP price crashed significantly, staying range-boundfor years as it struggled with legal and regulatory challenges.
Notably, Skyrexio’s bullish forecast for the XRP price relies on the Elliott Wave Theory, a technical indicator that predicts price movements of an asset by identifying recurrent long-term price patterns. The analyst noted that XRP’s first Elliott Wave began in 2013, almost 11 years ago. After that, the cryptocurrency experienced a price correction, followed by the legendary Wave 3. Source: TradingView
Over the last three years, the price of XRPhad been trading sideways, failing to experience gains that would push its price significantly above the $0.5 mark. Skyrexio has revealed that this prolonged sideways movementcan be interpreted as a corrective triangle pattern in Wave 4.
The analyst revealed that XRP has successfully broken outof this triangle pattern, signaling the end of its correction phase. He suggests that the cryptocurrency is now in Wave 5, the last wave of its first global SuperCycle.
Based on XRP’s Elliott Waveanalysis, Skyrexio has outlined two bullish targets for the XRP price. The analyst forecasts that XRP could rise between $2.5 and $3.8 at the end of this SuperCycle. He emphasized that the higher price target at $3.8 is more likely to be achieved, as historical data shows that in 90% of cases, Wave 5 experiences a higher high than Wave 3.
Concluding his analysis, Skyrexio pointed out key bullish indicators on his price chart, including a bullish reversal bar and green dot at the end of Subway C. He suggested that these bullish signs, appearing on the monthly time frame, are strong indicators of a potential upward move that could drive the XRP price to its final bullish target. Related Reading Bitcoin Golden Multiplier Ratio: Analyst Says The Party Is Just Getting Started 1 day ago Update On XRP Price Dynamics
The XRP price has achieved a monumental milestonefor the first time in years. In just one week, the cryptocurrency rallied by 101.77%, experiencing significant price gainsfollowing Donald Trump’s win in the US presidential electionsthis month.
Earlier this year, the price of XRP was stuck in the $0.5 range, experiencing slight gains but unable to break past this critical resistance level. Now, the cryptocurrency has doubled its price and is trading above $1, a historic feat that has caught the attention of the broader crypto community. As of writing, XRP has gained another 10.1% and is priced at $1.16, according to CoinMarketCap. Token price drops after surge | Source: XRPUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com