Technical analyst Tony “The Bull” Severino recently identified a bullish pattern for XRP, suggesting the cryptocurrency could reach $12.4 based on a multi-year Elliott Wave structure. This complex pattern has dictated XRP’s price movements since 2013, and according to Severino’s analysis, a new wave has begun that could lead to significant price increases.
Is $XRP a sleeping giant that's about to awaken? pic.twitter.com/ZzoH8WfIdk
— Tony "The Bull" Severino, CMT (@tonythebullBTC) March 25, 2024
Read Also: XRP to $14? Top Analyst Displays Multiple Technical Patterns For Major Breakout
XRP’s Historical Price Movement Through Elliott Waves
Severino’s analysis leverages a monthly chart to showcase the five-wave Elliott Wave pattern that XRP has seemingly followed since 2013. Each wave represents a specific price movement within the broader trend. The three Waves that are completed are:
Wave 1 (December 2013): The first wave concluded with a rally to a high of $0.06144 in December 2013.
Wave 2 (August 2014): This wave was a corrective phase following Wave 1, with XRP plummeting to a low of $0.00478 in August 2014.
Wave 3 (January 2018): Wave 3 brought a significant surge, with XRP skyrocketing over 65,000% to reach its all-time high of $3.84 in January 2018. A prominent analyst believes XRP will recreate this surge soon.
The Critical Wave 4 and the Upcoming Wave 5
The analysis highlights the extended nature of wave 4, which many anticipated to be a shorter correction period. This wave stretched out for six years, with XRP forming a symmetrical triangle pattern within this timeframe. Notably, wave 4 is considered to have concluded last month when XRP reached $0.5036, reflecting an 84% decline from its all-time high.
The exciting implication, according to Severino’s analysis, is that XRP has now entered wave 5. This wave typically involves a strong price breakout. The chart suggests XRP is poised to break out of the six-year symmetrical triangle formed during wave 4.
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Read Also: Depending On XRP Elliott Wave Path, Analyst Predicts 3,361% or 2,400% Surge to $18 or $13
$12.4 and Beyond
The projected surge in wave 5 could propel XRP above its all-time high and into a price discovery phase. While this phase may involve corrections alongside upswings, the overall projection suggests a potential rally to $12.4. This represents a substantial increase of 1,555.53% from the price at the time of his analysis.
Severino described XRP as a sleeping giant about to awaken. His chart also highlighted XRP’s monthly RSI currently exhibiting a downtrend. A potential price surge could result in the RSI breaking free from this downtrend, signifying a shift in momentum. However, some believe recent developments in the XRP lawsuit could hamper XRP’s progress.
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