Mr. Xoom, a notable market analyst, believes that XRP's continued pullback culminates in the conclusion of Elliott Wave 4.
He mentioned this in a recent analysis amid the persistent market meltdown. It is worth mentioning that the broader cryptocurrency market has been in a bearish phase for most of December, despite occasional recovery efforts.
XRP is one of the victims of this turmoil, unable to transcend the $2 price level since reclaiming it on Dec. 1 for the first time in seven years. It suffered a pullback after peaking at $2.9 on Dec. 3 and has been consolidating ever since.
XRP about to complete Wave 4
In his recent release, Mr. Xoom says this ongoing bearish consolidation represents the fourth wave of an extensive Elliott Wave structure.
For context, its chart shows that XRP completed Wave 1 in September 2024 and traded within Wave 2 from September to November 2024. Meanwhile, the bullish Wave 3 began in early November following Donald Trump's election victory US presidential elections. This Wave 3 ended with XRP rising to $2.9 in early December.
As the retracement and consolidation occurred, Wave 4 took shape. Mr. Xoom believes that XRP is about to complete this current wave amid a price drop to the $2.14 region. Once Wave 4 concludes, the next wave would be bullish, which bulls could take advantage of to recover Wave 4 losses.
The chart data also highlights a descending channel as XRP followed the Wave 4 trajectory. With Wave 4 about to be completed, XRP appears to be at the apex of the channel. The start of Wave 5 could trigger a rally that would allow the asset to break above the channel's upper trendline.
Wave 5 could take XRP price to $5
Mr. Xoom expects this Wave 5-based rally to take prices to $5, representing a new all-time high and a 133% increase from the current price. However, he insists that $5 is conservative. Earlier this month, market commentator Vincent Van Code predicted that XRP would reach that $5 by February 2025.
The current market condition puts XRP in a position to post larger gains once the broader market recovers. XRP is currently trading at $2.14, but its CCI is at -116.40, indicating potential overextended conditions. The last time XRP’s CCI was at -100 was in early November, when it was trading at $0.51.
The current CCI value suggests that XRP still has room for further growth, and a 133% increase is a very achievable target. However, to overcome the current bearish state, XRP must first surpass the 20-day SMA at $2.31 and then rise above the upper Bollinger Band ($2.54).
$XRP
XRP
2.1902
+0.47%
$BTC
$BNB
#Xrp🔥🔥
#MarketRebound
#Crypto2025Trends
#CryptoRegulation2025