By Peter Jennings
One analyst’s recent Elliott Wave analysis forecasted a bullish trend for XRP, with the third wave possibly pushing the price to $6.
Charting Guy shows that XRP completed Wave 2 with a July 5 plunge to $0.3825 and is now going into Wave 3, which is historically the most bullish phase.
Following Wave 3, Charting Guy expects a small correction in Wave 4 but says the general bullish trend will continue, possibly pushing XRP to $22.
XRP’s Potential Price Surge To $22
An analyst’s recent Elliott Wave analysis highlights a bullish outlook for XRP, with the third wave possibly helping push XRP up to $6. Based on a statement by Charting Guy, XRP completed Wave 2 with the July 5 plunge to 0.3825 and is now entering Wave 3.
Several analysts have set many bullish targets for XRP amid the third Elliott Wave. In December 2023, CryptoBull forecasted that Wave 3 might help push XRP to $27. Recently, Cryptobilbuwoo projected a range of $21 to $45 for the wave.
Charting Guy said that while $22 is an optimistic target for Wave 5 after a slightly corrective Wave 4, a realistic goal would see XRP trade between $8 and $13.
Mt. Gox Distribution Effect And Ethereum ETF Performance On XRP Price
The current Bitcoin distribution from Mt. Gox negatively affected XRP’s price. The release of 52,550 BTC into the crypto market has enhanced supply and increased pressure on all cryptos, including XRP. Despite everything, XRP is now showing signs of recovery as investors stratify their holdings.
Also read:Moreover, the poor performance of U.S. Ethereum ETFs, marked by considerable outflows, weakened Ethereum’s price and indirectly influenced XRP. The negative sentiment around Ethereum impacts the general market, placing massive downward pressure on XRP’s value.
XRP Trading Volume Surges Amid Ripple Versus SEC Speculation
XRP’s trading volume has increased by 21% to $2.07 billion, displaying renewed interest in the crypto. In the last two days, over 3 billion XRP tokens were traded, displaying strong liquidity and market demand.
The surge in volume comes amid speculation about a possible settlement or ruling in Ripple’s continuing lawsuit with the SEC, which might considerably affect XRP’s price. A bullish outcome might see XRP surge above the $1 level, while a negative ruling might result in considerable drops.
Despite the general market conditions, the expected Ripple vs. SEC settlement might assist in stabilizing XRP’s price at around $0.62. The growing trading volume and positive sentiment might limit losses and offer strong support.
XRP Price Forecast
XRP is trading at $0.62, representing a 1.44% surge in the last 24 hours. An upside channel supports the price movement, helping maintain buying pressure above the $0.5982 zone.
The trend is also strengthened by the 50-day Exponential Moving Average (EMA), which has formed at $0.5899, showing a sustained bullish outlook. On that note, the Relative Strength Index (RSI) stands at 58.91, representing a moderate bullish momentum.
Notable price levels to watch include the pivot point that formed at $0.5982, which acts as a critical support zone. The nearest resistance has formed at $0.6266, with more resistance levels at $0.6561 and $0.6731. On the other hand, the nearest support has formed at $0.5982, followed by $0.5899 and $0.5616.
In that context, the technical indicators signal a bullish trend if XRP remains above the $0.5982 pivot point. The RSI shows room for more upside movement, and the alignment of the 50 EMA supports that point of view.
With the crypto market volatile, analysts believe a movement in any direction is possible. However, some traders and enthusiasts believe Bitcoin will set a new all-time high in Q3 2024, helping push the entire crypto market upward, including XRP.
Ultimately, XRP currently shows a positive outlook, supported by strong technical indicators and price levels. Equally, maintaining above this zone could result in more gains, with possible targets at $0.6266, $0.6561, and $0.6731 in the near- and mid-term.
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