XRP still exists Looking for confirmation A strong rebound in price movement after the collapse it witnessed Recording a huge bearish wick Over the weekend, many analysts are anticipating its next major move. According to technical analysis by cryptocurrency analyst HovWaves, XRP’s recent collapse and rebound could be the early stage of a broader rally that puts its price as high as $8.
XRP finds support and rebounds by more than 50%
Technical analysis for The price action of XRP on the weekly time frame, which was published on the social media platform
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This refers to the analyst’s previous forecast, where he predicted that XRP price will revisit a strong support area to complete the corrective wave 4 formation of the Elliott cycle. This reaction zone, between $1.50 and $1.90, is visible in the weekly candlestick time frame chart below.
Interestingly, the analyst added that the timing of the move surprised him, especially given this revisit It was one powerful move Resulting in XRP creating a strong bearish wick. However, XRP’s reaction from this level was impressive, immediately rising by 50+%. Bounce off support. This bounce has confirmed the validity of the ongoing Elliott wave count, and the next move is the wave 5 sub-impulse high that keeps the bullish momentum in place.
XRP price roadmap to $8
The analyst expects that the initial phase of this new push could take XRP to the $5.5 level, which he identified as “the first target on the way to our overall goal.” His projection of the broader wave shows a larger move to $8 to complete a third higher-order IM wave in a larger IM wave count dating back to July 2024.
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This will look like an assembly XRP hack patterns from 2017 and early 2021, when higher-magnitude waves resulted in huge runs of hundreds of percent. The yellow projection line on the chart also indicates that a short corrective pullback could form at just $4.00 before continuing to $8, implying a wave-driven advance rather than a straight-line rise.
The bullish outlook led to quick responses from within the XRP community. Cryptoinsightuk, another well-followed XRP analyst, HovWaves post replied, “This is very similar to what I was discussing with all of you regarding XRP,” he said.
XRP collapsed over the weekend It undoubtedly surprised manybut Cryptoinsightuk comment It shows increased confluence Among technical analysts are of the opinion that the structure of XRP remains in line with an uptrend at the macro level.
At the time of writing, XRP is trading at $2.40, down 4.4% over the past 24 hours, after being rejected at around $2.52. However, the 50% recovery from the last bearish wick could actually turn into a bigger move predicted by HovWaves.
Featured image from iStock, chart from Tradingview.com
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