XRP is currently trading below the $0.5 price region; however, according to market analyst Tylie Eric, the crypto asset has met all the requirements for a significant surge to $36.
The cryptocurrency market is currently experiencing a downward trend due to heightened selling pressure. Bitcoin (BTC) has dropped to the $64,000 mark, marking its lowest point in more than a month and causing a significant downturn in the wider cryptocurrency market. XRP has been greatly affected by this downward trend.
As a result, the bears have aggressively recaptured the $0.50 price level, pushing XRP down to the $0.48 area. Consequently, XRP has experienced a 5.94% decline this month, yet it has demonstrated more resilience compared to other altcoins such as Ethereum (ETH) and Solana (SOL). Ethereum suffered a 6.86% drop, while Solana experienced a significant decline of 18.40% during the same period.
XRP Is Currently Trading Within an Ancient Elliott Wave Structure
Despite facing financial challenges, XRP may be poised for a potential rebound and subsequently reach unprecedented levels, as Eric suggested. In his latest market outlook, the analyst highlighted historical trends that have consistently indicated significant price upswings for XRP.
Step by step
I believe XRP has met all the criteria and fulfilled all the necessary conditions to proceed with wave 3 of wave 5, just as it did in 2017!
— Tyler E (@TylieEric)
On multiple occasions, he recognized a five-wave Elliott Wave pattern displayed by XRP on the weekly chart. Notably, whenever XRP followed this pattern, the fifth and final wave resulted in a significant increase in price. This is an important finding.
Top 5 Cryptocurrencies Today:
| Name | Price | 24H (%) |
|---|---|---|
Bitcoin
(BTC)
| $29,078.00
| -3.19% |
Ethereum
(ETH)
| $1,948.11
| -4.71% |
Tether
(USDT)
| $1.00
| -0.03% |
BNB
(BNB)
| $295.60
| -1.51% |
Cardano
(ADA)
| $0.51
| -10.30% |
>> Invest In Cryptocurrencies Now!
At the beginning of 2017, a similar pattern emerged as the fifth wave came to an end, which resulted in a surge in the price of XRP, which reached its highest point of $0.3988 in May of that same year. Surprisingly, according to the information that was obtained from Eric’s chart, in order for XRP to reach the price of $0.3988, it would have required an enormous surge of 7,784%. A brief period of consolidation followed this Surge, and then there was another strong rally that brought the price up to $3.31.
Possible Surge to $36
After experiencing a decline of $3.31 and a sequence of price fluctuations after that, XRP has entered into a distinct 5-wave pattern. The structure is nearly complete, with XRP completing all four waves in the last six years. According to Eric’s analysis, the fifth wave has the potential to result in a significant surge in prices once again.
He predicts a bold 7,637% surge in price, reminiscent of the spike seen in early 2017. If this were to happen, Eric’s analysis suggests that there could be a significant increase towards $36 in the near future. There are several chartists who anticipate a rise in XRP to the $30 mark, and Eric is not the only one among them. In an exciting turn of events, it was predicted by CryptoInsightUK in September of last year that there would be a significant surge in price, reaching a staggering $34.
XRP is currently being traded at a price of $0.4850, showing a decrease of 1.08% in the last 24 hours. XRP is aiming to successfully recapture and maintain the price level of $0.50. Once the market bounces back, it has the potential to use this point as a starting point for a surge toward higher levels.
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