XRP to $12? Analyst Shows that XRP Is a Sleeping Giant Using Eliot Wave Pattern

$5 Billion XRP In 24 Hours. What's Happening?

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.

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.

$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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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.