$XRP 𝟓 𝐒𝐮𝐫𝐠𝐞 𝐭𝐨 $𝟓 𝐅𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐏𝐮𝐥𝐥𝐛𝐚𝐜𝐤 🚀
Market analyst Mr. Xoom has shared his latest perspective on XRP, suggesting that the ongoing pullback is the completion of Elliott Wave 4. Amid the broader crypto market's bearish phase in December, XRP has struggled to maintain its momentum above the $2 mark, failing to break past its December high of $2.9. However, Mr. Xoom believes this consolidation phase is a normal part of the wave structure and is poised for an explosive rebound.
XRP’s price action has followed a clear Elliott Wave pattern, with Wave 1 completed in September 2024, followed by Wave 2 from September to November 2024. A bullish Wave 3 was triggered by early November's political developments, pushing XRP to its December peak of $2.9. The current pullback represents the end of Wave 4, and Mr. Xoom anticipates that XRP is nearing the completion of this phase, with the price possibly dropping to $2.14 before Wave 5 begins.
Looking ahead, Mr. Xoom foresees Wave 5 propelling XRP towards a $5 price target, marking a new all-time high and a potential 133% increase from its current level. While $5 is considered a conservative target, other market analysts, like Vincent Van Code, are predicting this level to be reached as early as February 2025. The current technical indicators suggest that XRP is in an oversold condition, and once the broader market conditions improve, XRP could see significant gains.
To achieve these gains, XRP needs to break through key resistance levels, including the 20-day Simple Moving Average (SMA) at $2.31 and the upper Bollinger Band at $2.54. If XRP successfully navigates these hurdles, the anticipated Wave 5 rally could bring the cryptocurrency to new heights. Traders should monitor these levels closely as the market readies itself for what could be a substantial rebound.
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