According to U.Today, the price of XRP has reached $1.66, marking a significant rally that aligns with the Elliott Wave Theory. This theory suggests that XRP might be entering the crucial third wave of its price movement, often considered the strongest and longest wave in an upward trend. If the momentum continues to build, XRP could achieve notable price levels during this phase.
XRP's recent price movements have seen it break above $1.00 and consolidate around $1.30, forming what appears to be the first and second waves in the Elliott Wave pattern. The current price surge, characterized by high trading volume and strong momentum, represents the third wave. This wave typically outperforms others in terms of price growth as it attracts new buyers and strengthens bullish sentiment. The first target for XRP during this wave is the psychological resistance zone of $1.80, which aligns with past price action.
Beyond this, $2.00 emerges as the next significant level, acting as a benchmark and potential draw for traders. If XRP surpasses this level, it could encourage more FOMO (fear of missing out) purchases. Additionally, $2.20 might serve as the upper extension of the third wave if the rally continues. However, if the price falls below $1.30, a crucial support level, it may indicate a weakening trend and invalidate the wave structure. The current movement of XRP is somewhat consistent with the Elliott Wave Theory, suggesting a continuation of the current trend. It is important to note that trading volume remains a key driving force for the asset's price movement.
