XRP’s Wave 4 Plays Out
According to renowned crypto market analyst Man of Bitcoin, a decisive breakout above $3.25 would mark the end of wave-4 in XRP’s current Elliott Wave cycle, signaling a bottom and paving the way for a powerful rally.
The analyst noted, “Wave-(C) of 4 has completed a 5-wave move to the downside, the pattern is now technically complete.A break above $3.25 would be the first confirmation that wave-4 has bottomed. For now, the possibility of another low remains on the table.”
The Elliott Wave Theory, often used by technical analysts to predict market cycles, suggests that XRP is currently completing wave-4, a corrective phase following its pullback to the psychological price of $3.00.
At the time of this writing, XRP had gained some momentum to trade at $3.09, according to CoinGecko data.
Crypto pundit XRPunkie shares similar sentiments that XRP is presently at the wave 4 correction phase.
The techical analyst pointed out that XRP may have completed its wave 4 correction, though a dip to $2.64 remains possible before Wave 5 begins, which could see a bullish run to $5.50.
XRPunkie added, “Pullbacks are part of the game. Enjoy the ride to higher prices soon.”
Notably, wave-4 corrections typically precede explosive upward moves, and a confirmed breakout above $3.25 would invalidate bearish structures, signaling that wave-5 has begun.
Conclusion
XRP’s battle at $3.25 could be the turning point for a fresh wave of upside depending on whether wave 4 has bottomed at the present price of $3.09.
If this is the case, the next major target might be $5.50, a level not seen in XRP’s history and a potential signal that a new bull phase is underway.
