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The XRP price continues to show strong bullish signalsin the medium term, with a crypto analyst forecasting a significant move to a new ATH. Despite ongoing market fluctuations, the cryptocurrency continues to hold key levels, maintaining a bullish path 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 strong potential for upward movement toward the $5.4 target. Related Reading XRP Price Still On Bullish Path To $5 As Long As This Level Holds 17 minutes ago
The price chart showsthat XRP is in the final stages of a complex corrective pattern and is poised 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 launch its price significantly higher.
XForceGlobal has outlined a Fibonacci Retracement zonebetween the $2.00 and $1.80 range as a potential entry point, with price action showing resilience near this area. The critical price level to watch for XRP is the regional low at $1.60, which acts as the most important support levelthat would determine the cryptocurrency’s next move. Source: XForceGlobal on X
This support level is because if XRP’s price remains above it, its projected bullish scenarioand current structure remain intact. On the other hand, if the price drops below it, the trend could shift bearish, potentially invalidating the bullish outlook.
With $1.60 acting as a strong support foundation, XForceGlobal projects that XRP could soon surge past $3.20 and potentially reach $5.40 in the coming months. This would mark a new all-time high for XRP, representing a 40.63% increase from its current ATH of $3.84. $2.18 Flagged As Key Breakout Level For The Altcoin
Sharing a similar bullish forecast, Bitcoin Benny, a crypto analyst, has shareda technical analysis of XRP on the 1-hour time frame to map out its likely price trajectory. According to the analyst, XRP is showing signs of recoveryafter enduring a sharp market correction in late April. Related Reading XRP Price Pullback To $2 According To Plan For Historic Breakout To $10, Analyst Says 1 week ago
The cryptocurrency had made a significant high of around $2.3 but underwent a dramatic drop, reportedly bottoming out at approximately $2.125, where buyers quickly stepped in to stabilize its price. This support level has since held strong, with the XRP price currently consolidatingjust below this point.
Marked on the right side of the chart, the analyst has pinpointed a key resistance level at $2.18, labeling this level as a critical breakout point. Suppose the altcoin can decisively break and close above $2.18. In that case, Bitcoin Benny predicts that it could trigger what he calls a “send season,” which is a momentum-driven rally that could push XRP toward new levels to potentially retest its previous highs. XRP trading at $2.10 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com