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A crypto analyst noticed this XRP has finally broken out long consolidation phasesignaling the start of a major price rally. He further predicts that the XRP price is about to end an 11-year streak Super cyclewhich could pave the way for a rise to $3.4 once it closes.
SuperCycle will spike $3.4
Skyrexio, a crypto analyst from TradingView, has done just that issued An XRP Price Analysispredicting a possible rise to $3.4. In the chart analysis, Skyrexio revealed that XRP recently broke out of its four-year consolidation period, potentially signaling the start of a bullish uptrend.
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It is not surprising that the total duration of the consolidation period coincides with the number of years XRP is embroiled in a legal battle with the US Securities and Exchange Commission (SEC). After the lawsuit, the XRP price dropped significantly and stayed there range-bound for years it struggled with legal and regulatory challenges.
Notably, Skyrexio’s bullish forecast for XRP price depends on the Elliott Wave Theorya technical indicator that predicts price movements of an asset by identifying recurring long-term price patterns. The analyst noted that XRP’s first Elliott Wave started in 2013, almost 11 years ago. Afterwards, the cryptocurrency underwent a price correction, followed by the legendary Wave 3.
Over the past three years, the price of XRP traded sideways and failed to post gains that would push the price significantly above $0.5. Skyrexio has announced this prolonged lateral movement can be interpreted as a corrective triangle pattern in Wave 4.
The analyst revealed this XRP has successfully broken out of this triangle pattern, indicating the end of the correction phase. He suggests that the cryptocurrency is now in Wave 5, the final wave of its first global SuperCycle.
Based on Elliott Wave of XRP Analysis, Skyrexio has outlined two bullish targets for the XRP price. The analyst predicts that XRP could rise between $2.5 and $3.8 by the end of this SuperCycle. He emphasized that the higher price target of $3.8 is more likely to be achieved because historical data shows that Wave 5 experiences a higher high than Wave 3 90% of the time.
Concluding his analysis, Skyrexio pointed out key bullish indicators on his price chart, including a bullish reversal bar and a green dot at the end of Subway C. He suggested that these bullish signals, which appear on the monthly time frame, are strong indicators of a potentially an upward move that could drive the XRP price to the finals bullish target.
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Update on XRP price dynamics
The XRP price has reached a monumental milestone for the first time in years. In just one week, the cryptocurrency rose 101.77%, marking a significant increase prize winnings after Donald Trump’s victory in the US presidential election this month.
Earlier this year, the price of Now the cryptocurrency has doubled its price and is trading above $1a historic achievement that has captured the attention of the broader crypto community. At the time of writing, XRP has gained another 10.1% and is priced at $1.16, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com