Even though the XRP price is struggling to stay afloat in the current market, this hasn’t stopped the bulls from continuing to push for higher prices. This comes amid the XRP ETF launches that have taken place over the past week, with X driving a significant amount of inflows into the cryptocurrency. Calls for new record prices to surpass 2018’s peak of $3.84 have only grown louder as timelines shorten. This time, an analyst has predicted a new all-time high, with what they call a “true Elliot Wave view.”
Why XRP Price Can Still Rise Above $4
In an analysis shared on X with over 35,000 followers, crypto analyst XForce Global put forward the following idea that the Elliot Wave Theory has not fully played out for the XRP price. Until now the belief was that the XRP price is complete the last and final wave and could be headed for a bear market. However, the crypto analyst does not believe this is the case.
XForce Global points out that analysts using the Elliot Wave theory might have difficulty with the chart they shared. But this chart apparently eliminates all market inefficiencies, allowing the XRP price to be viewed through a clear lens.
The analysis suggests that the altcoin could see a bullish continuationand follows a flat route upwards after reaching support above $1.87. Such a rise would push the XRP price above $4, with the digital asset potentially pushing above $5.
In the event that the price falls further than the current local lows, the analyst believes that an extended flat route starting above $1.6 would still trigger a similar outcome. Both rallies are expected to push the XRP price above $4 and then rise towards $6.
Important factor driving the price explosion
A major factor that analysts have cited to cause an XRP price explosion is the launch of XRP ETFs. With more than three XRP ETFs trading in the US, analyst Chad Steingraber has outlined how their launch could affect the price of the altcoin.
Steingraber explained that the XRP price has seen some increase during ETF trading hours so far, then dropped during off-hours. This creates pressure and momentum, and is expected to increase over time. The result of this is would be a major price explosion in the coming months, potentially allowing XRP to soar to new peaks.