XRP price has seen a decrease in activity and popularity, dropping from $3.40 to $2 where it currently trades. However, a popular crypto analyst has used Elliot Wave Analysis to predict that the XRP token could drop below $1 before hitting its next double-digit all-time high (ATH) target of $20. The analyst, XForced Global, notes that the first wave is complete as the token rallied from $0.50 to $3.40, and wave 2 could see XRP’s value drop to a buy zone between $1.70 and $1.0.
According to Elliot Wave Theory, the third wave is the longest, and XForced Global predicts that XRP price could hit $20, leading to a potential market cap of $1.16 trillion. The analyst also anticipates a fourth wave correction to around $7 before the final wave pushes XRP price to $30. However, achieving these valuations could take several years or even a decade, depending on various project factors and market conditions.
Short-term analysis of XRP price for the next week indicates that the cryptocurrency may trade in a range between $2.11 and $2.60. Acceptance above $2.11 could signal strength and push the price towards $2.41 and $2.60, representing key targets for traders. On the other hand, rejection at $2.11 could lead to a drop to $1.47, aligning with the buy zone identified by the Elliot Wave analysis.
Several key events could impact the direction of XRP price, including Bitcoin’s price outlook, macroeconomic changes such as Federal Reserve policy decisions, and developments in US President Donald Trump’s trade war with China. Any positive developments in these areas could lead to increased market activity and potentially push XRP price towards its ATH targets.
In conclusion, while XRP price has faced some challenges in recent times, the use of technical analysis tools like Elliot Wave Analysis provides insights into potential future price movements. Traders and investors should keep an eye on key events that could impact XRP’s direction, as well as short-term price targets within the current trading range. By staying informed and monitoring market developments, market participants can make more informed decisions regarding their XRP holdings.
