According to crypto analyst XForce, there is a prediction that the XRP price could surge up to $10 in a wave 3 impulsive move to the upside. The analyst mentioned that despite the overall downtrend in the crypto market, the bottom for XRP has been reached.
XRP Price Forecasted to Reach $10 With Wave 3 Momentum
In a recent X post, XForce advised XRP holders to prepare for a potential rally towards $10 or higher, describing it as a conservative target for wave 3. The analyst pointed out some minor market inefficiencies in short timeframes for XRP’s price, but also highlighted the clear accumulation and solid price floor shown on the macro chart after almost a year of distribution.
Further Reading
Another crypto analyst, CasiTrades, also made a similar prediction that XRP’s price could potentially reach $10 with a wave 3 move. However, she suggested that XRP might experience a dip to as low as $1.4 first to complete the macro wave 2 correction, which initiated around the significant liquidation event on October 10.
XForce suggested that the projected drop to $1.4 for XRP’s price was improbable. The analyst expressed the view that the major low had been established and referred to the macro chart, which indicated a strong bounce from the established low. Although XRP may remain in the current range for further distribution before the next upward movement, he dismissed predictions of a continued downtrend as mere “noise.”
Following the crash on October 10, where XRP plummeted to as low as $0.77 on Binance and dropped below $2 on other exchanges, the price has been fluctuating within the $2.4 to $2.6 range as the market recovers.
Anticipating One Last Decline for XRP
CasiTrades reiterated her forecast of an impending final drop in XRP’s price before a potential upward rally. Observing that the altcoin had rejected the Wave 4 resistance near $2.68, she noted the current bearish turn and the RSI signaling a new low, indicating the initiation of Wave 5 downward movement.
Further Reading
CasiTrades pointed out that breaking below $2.42 would confirm progression towards the lower targets at $2.03 and $1.65, aligning with the Wave 5 extension. She reiterated the possibility of XRP falling to at least $1.65, which represents the macro .618 retracement.
CasiTrades anticipated that this anticipated decline would conclude the final wave of correction before a potentially significant wave 3 surge upwards. She suggested that once the bottom is established, the subsequent surge would be swift and evident, with the XRP price surmounting resistance levels on its way to new highs.
As of the latest data, XRP is trading at approximately $2.48, experiencing a decline in the last 24 hours based on CoinMarketCap’s data.
Image source: Pixabay, chart source: Tradingview.com