XRP Poised for Potential Price Rally to $8.5 Amid Bullish Sentiment
XRP is gaining attention as signs indicate a potential breakout. Analysts suggest that with market sentiment shifting, XRP is holding key support levels. If momentum builds and critical resistances are cleared, it could rally to $8.5.
Elliott Wave Analysis
- Crypto analyst Paul Webborn forecasts a bullish trend for XRP, targeting prices potentially reaching or exceeding $8.
- Webborn applies Elliott Wave Theory, identifying June 2022 as the start of a bullish cycle.
- The analysis indicates a short-term rise to targets below $8, followed by a pullback before a final rally.
- Intermediate waves 1 through 4 are complete; Wave 5 is forming and expected to break into five smaller minor waves.
- Minor wave 3 may push XRP toward the $5-$6 range, while full extension of Wave C could reach $8-$10.
- An invalidation level is set at $1.90; falling below this could lead to a significant decline towards $0.287.
- The current price action shows XRP trading at $2.22, reflecting a modest increase of 1.35% over the past day.
- The cryptocurrency maintains strong support above $2 despite consolidation, with a Fear and Greed Index of 64 indicating high bullish sentiment.
