In a significant technical development, XRP has formed a clear five-wave impulsive structure on its 4-hour chart, as analyzed by prominent crypto analyst CrediBULL Crypto (@CredibleCrypto).
This Elliott Wave pattern strongly indicates bullish momentum and suggests further upward potential. XRP is currently trading at $1.47, after reaching $1.62, a multi-year high not seen since 2021.
The analysis begins by confirming the token’s bottom at $0.49, marking it as a pivotal turning point. According to CrediBULL Crypto, this definitive five-wave move indicates the start of a larger bullish cycle. He emphasizes the importance of key levels in assessing XRP’s next moves.
And that, ladies and gents, is a crystal clear 5-wave impulsive move, subwaves and all on $XRP.
This:
1. confirms our absolute bottom was in at .49.
2. means if we move below $1.05 (origin of the 5th subwave) then it means we are seeing a larger Wave 2 correction underway… pic.twitter.com/Z77UkEpEwg— CrediBULL Crypto (@CredibleCrypto) November 23, 2024
Where is XRP Going Next?
Specifically, he states, “If we move below $1.05 (origin of the 5th subwave) then it means we are seeing a larger Wave 2 correction underway before the next impulse (Wave 3).” On the other hand, maintaining support above $1.05 could allow the 5th subwave to extend further, potentially propelling XRP beyond the $2 threshold before a significant pullback occurs.
The chart highlights XRP’s adherence to Elliott Wave principles, with its five subwaves labeled clearly. This progression supports the broader narrative of market optimism, fueled by favorable macroeconomic developments.
Among them, Bitcoin’s rise to nearly $100,000 has set a bullish tone across the crypto market. Furthermore, the anticipation of Gary Gensler’s departure as Chair of the U.S. Securities and Exchange Commission (SEC) has heightened positive sentiment, as regulatory clarity is expected to improve under the incoming Trump administration.
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From a technical perspective, the $1.05 level is a crucial validation point. A break below it would indicate a larger Wave 2 correction, possibly retesting lower levels before the anticipated third wave of impulsive growth.
However, if XRP maintains the support, it will aid the continuation of the current uptrend. This scenario would align with CrediBULL Crypto’s view that XRP is primed for extended gains.
The broader market conditions further support this outlook. XRP’s approach to its 2021 peak of $1.96 coincides with unprecedented interest in the cryptocurrency space.
A veteran trader recently predicted that XRP would go on a massive run if it beats the $1.96 level, and institutional participation, coupled with the recent market euphoria, suggests that XRP is well-positioned for this sustained growth.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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