XRP Price Surges 20% with $10 Target in Conservative Case
The price of XRP has increased by 20% over the past week, surpassing the $2 mark. Analysts are optimistic about its recovery and potential new all-time highs.
Price Targets
- Analyst Maelius suggests a conservative target of $10 for XRP, indicating bullish trends based on higher time frames.
- The asset recently rebounded from the 50-week Exponential Moving Average (EMA), suggesting positive momentum.
- Maelius believes XRP is completing Wave 4 of an Elliott Wave cycle, with a 35% probability assigned to this conservative case.
- In a more optimistic scenario, if Wave 3 has not peaked, targets could extend to $15-$20 in early next year.
Market Dominance Analysis
- Maelius analyzed XRP's market dominance, which indicates its share in the cryptocurrency market.
- Although dominance is preparing for an upward move, it may not directly lead to new price highs for XRP.
- The current 1-week RSI for dominance shows an uptrend resting on support; failure of this support may lead to further declines.
- Past cycles show two significant spikes in dominance, but market size growth complicates achieving previous peaks.
