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XRP's Rise to $2 Depends on Bitcoin's Stability
Elliot Wave Theory Predicts XRP Price at $13
Crypto analysts Mikybull Crypto and CrediBULL Crypto have drawn a bullish picture for XRP, predicting a price of $2 by the end of November. Mikybull Crypto noted that the XRP price currently has huge upside potential. It is likely to start an uptrend soon.
CrediBULL Crypto supports this prediction by stating that there is a critical level that XRP is about to reach. This could lead to an extended wave 5 rally that is usually associated with massive price increases.
Analysts are focused on the current levels of the XRP price, stating that the cryptocurrency is in a good position to break out of resistance levels, which could pave the way for the $2 level.
However, the forecast depends on the overall market situation, especially the price dynamics of Bitcoin, which plays a critical role in the performance of XRP.
XRP's Rise to $2 Depends on Bitcoin's Stability
According to CrediBULL Crypto, this rise to $2 is only conceivable if Bitcoin holds above $94,000. The analyst explained that the price of Bitcoin plays a decisive role in the overall cryptocurrency market. If the price of Bitcoin falls below this level, it will negatively affect the upward movement of XRP.
The recent price action of XRP suggests that it is in a critical zone. If BTC continues its upward movement, it could enter a 5th wave extension.
While the Bitcoin trend remains bullish, a pullback below critical support levels could be bearish for XRP. It could lead to consolidation or correction. According to the analyst, if Bitcoin remains stable, XRP is likely to reach $2. Other altcoins are benefiting from the positive market sentiment and increasing demand.
Similarly, another market analyst, Egrag Crypto, has expressed his view that XRP could surge towards higher highs once it breaks the $2 barrier. In his analysis, he cited the $2 price point as the key level. This corresponds to the Fib 0.236 channel.
Exceeding this level may attract the attention of investors. It may cause a price increase towards double-digit levels.
Source: X
Egrag Crypto noted that historical patterns have shown that XRP often crosses key Fibonacci levels in bull cycles. However, with the right news and market catalysts, the crypto could see a major increase in demand. In fact, it will likely break above the $2 threshold and start seeing new price discoveries.
Elliot Wave Theory Predicts XRP Price at $13
Market commentators have used Elliott Wave Theory to predict long-term bullish potential for XRP, suggesting price targets as high as $13. This analysis of XRP suggests that the coin is in the fourth wave of a larger bullish structure.
Moving forward, the next phase, wave 5, is expected to take XRP to a price discovery pattern, with a short-term bullish target of around $3.80 to $4.20.
According to Elliott Wave Theory, XRP could start its latest 5th wave after the macro wave 4 correction and push prices from $8 to $13. Analysts say that XRP’s bullish rally is driven by bullish investor sentiment, increasing market demand, and supportive technicals.
At press time, XRP was priced at $1.42, up 5% in the last 24 hours. Moreover, its 24-hour trading volume is $7.88 billion and its market cap is $80 billion.
