Chartist Predicts XRP Could Reach $8 This Cycle
XRP traders are discussing potential price targets following Charting Guy's analysis predicting XRP could reach $8 this cycle. As of November 25, XRP was trading at approximately $2.25, marking a 9.8% weekly increase.
XRP Price Analysis
- Charting Guy's analysis uses Elliott Wave and Fibonacci structures projecting a peak in 2026.
- The analysis suggests an upside target based on a Fibonacci extension to $8.29661.
- Wave patterns show a five-wave impulse with key levels identified:
- Wave 1 peaks near $0.915
- Wave 2 retraces to $0.41315
- Wave 3 extends beyond $3.31700
- Wave 4 consolidates between mid-$2 and above $3 - Projected Wave 5 aims for the $8.29661 level from a base around $2–$2.30.
The current price oscillates around $2.27404, aligning with the 0.888 Fibonacci level. The major resistance is around the prior wave-3 peak at $3.317.
There is skepticism about the projected path, with some suggesting the price might fall below $1.50, but Charting Guy disagrees, citing technical analysis that rules out a drop below $1.61.
While some anticipate prices exceeding $20, the analyst maintains that such levels are unlikely within the current cycle, with the $8.29 extension being the primary target.
As of now, XRP trades at $2.20.
