XRP Falls Below $0.5 as Market Analyst Predicts Surge to $36
XRP, the cryptocurrency, is currently trading below the $0.5 price region, but market analyst Tylie Eric believes that it has fulfilled all the necessary conditions for a significant surge to $36.
The crypto market is currently experiencing a bearish trend due to increased selling pressure. Bitcoin (BTC) has dropped to $64,000, its lowest level in over a month, causing a collapse in the broader crypto market. XRP has been heavily impacted by this downtrend.
As a result, the bears have regained control of the $0.50 price territory, pushing XRP down to the $0.48 region. Despite this, XRP has shown greater resilience compared to other altcoins like Ethereum (ETH) and Solana (SOL), which have experienced more significant declines of 6.86% and 18.40% respectively.
XRP’s Historical Elliott Wave Structure
Despite being in the red, XRP may be on the cusp of a recovery and a potential new high, according to Eric. In his latest analysis of XRP’s price movements, he points to historical trends that have previously indicated significant price increases.
He highlights a 5-wave Elliott Wave structure that XRP has followed multiple times on the weekly chart. Interestingly, each time XRP has followed this structure, the fifth and final wave has led to a substantial price increase.
This pattern was observed in early 2017 when the completion of the fifth wave triggered an XRP price rally to a high of $0.3988 in May 2017. Eric’s chart data suggests that XRP experienced a massive 7,784% surge to reach this price. After a short consolidation phase, XRP then rallied to $3.31.
Potential Surge to $36
After the drop from $3.31 and subsequent price movements, XRP has entered another 5-wave structure. The structure is almost complete, with XRP having completed all four waves over the past six years. Eric’s chart indicates that the fifth wave could lead to another significant price increase.
He predicts a bold 7,637% price surge, similar to the increase observed in early 2017. If this materializes, Eric’s chart suggests that XRP could rally towards $36. It’s worth noting that Eric is not the only analyst expecting an XRP increase to the $30 level, as CryptoInsightUK projected a price increase to $34 last September.
Currently, XRP is trading at $0.4850, down 1.08% in the past 24 hours. XRP’s immediate target is to reclaim and hold the $0.50 price territory, which could serve as a launching pad for a rally to new heights once the market recovers.
Disclaimer: This article provides informational content and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.