XRP Price Analysis: Top Analyst Shares Crucial Support Levels to Watch

EGRAG CRYPTO (@egragcrypto), a prominent voice in the XRP community, recently shared his analysis of the XRP’s ongoing Wave 2 correction, sparking discussions and raising hopes among the XRP army.

His analysis delves into the technical analysis of XRP, specifically focusing on the potential trajectory of its Wave 2 correction and broader market sentiment.

Read Also: Analyst Predicts XRP Price Surge to Match Bitcoin Trend Within 3 Days

The Regular Wave 2 Scenario

The tweet suggests a preference for a “regular” Wave 2 corrective pattern for XRP, as opposed to the irregular/expanded or running patterns shown on the chart.

Elliott Wave Theory posits that corrections within trends unfold in waves with three points A, B, and C. A regular Wave 2 implies a relatively shallow retracement, typically not exceeding 50% of the preceding uptrend (Wave 1).

EGRAG CRYPTO proposes that Wave C, the final corrective wave within Wave 2, will likely stay above $0.41, which will keep it within the regular Wave 2 expectation.

Alternative Scenario and Key Support Levels

However, the tweet acknowledges the possibility of an alternative scenario where Wave C extends lower, potentially reaching $0.35 or even $0.40. This would represent a deeper retracement, pushing into unwanted territory.

Maintaining support above $0.28 is identified as a crucial factor on a macro level. Breaching this support could potentially invalidate the regular Wave 2 prediction and lead to further price decline. A drop below this level could also invalidate an expected parabolic pump by breaking through the symmetrical triangle.

Market Sentiment and Future Outlook

EGRAG CRYPTO expresses bullish sentiment toward XRP, encouraging the community to remain steadfast and emphasizing the potential for a significant upswing in the 2024-2025 timeframe.

Read Also: Analyst Predicts 900% XRP Price Pump to $6, Citing Historically Bullish 1M Japanese Candlestick Setup

While technical analysis can provide valuable insights, it’s crucial to acknowledge its limitations. Various factors influence price movements, including fundamental developments, market psychology, and regulatory changes. It’s essential to consider these broader contexts when evaluating technical predictions. Additionally, past performance is not necessarily indicative of future results.

However, many experts across the crypto believe XRP is on the verge of a big pump. A prominent analyst and a Wall Street veteran recently got into an argument on how to truly calculate XRP’s value. Although they offered different approaches, both believe that XRP has immense value and is on its way to big things.

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