XRP, the cryptocurrency associated with Ripple, has experienced a significant surge in price, climbing by 20% to reach $1.84 in a 24-hour period. This impressive rally has caught the attention of investors and analysts alike, with many attributing the upward movement to Elliott Wave Theory.
According to this theory, XRP is currently in its powerful third wave, which is considered the most significant and strong part of an upward trend. This phase typically drives prices higher than previous movements, attracting more buyers and boosting optimism in the market. As a result, XRP has also reclaimed the significant milestone of a $100 billion market cap.
The rally began after XRP broke the $1.00 barrier, marking the start of the first wave. It then consolidated around $1.30, forming the second wave. Now, with strong momentum and increasing trading volume, XRP appears to be in its third wave, with the next key resistance level to watch being $1.90. If XRP breaks through this level, the price could reach $2.00, a critical psychological level, and start approaching its all-time high of $3.12.
Analysts predict that the rally is expected to continue, with the long-term target ranging between $3.00 and $5, depending on market conditions. However, there are risks to consider, as a decline below $1.30 could challenge the wave structure and signal a weakening trend. Despite this, XRP’s momentum remains strong, with solid support around the $1.30 level.
For investors, the upcoming days are crucial as they monitor for potential breakout opportunities around the $1.90 level and keep an eye out for any signs of correction. If XRP continues to rise, the $2.00 mark could be the next major breakout point to watch for.
Overall, the surge in XRP price has generated excitement in the cryptocurrency market, with many investors eagerly anticipating the potential for further gains in the coming days. As always, it is important for investors to stay informed and cautious in their trading decisions, especially in such a volatile market.