The analyst said that the Elliott Wave Theory suggests a five-wave pattern that began in 2014 and peaked in 2017. After a downward trend into 2020, the pattern points to an upward breakout, forming an expanding diagonal or "megaphone pattern."
Understanding XRP's Potential Price Range
This could lead to a massive XRP price surge, potentially between $135 and $717. The analyst explained that market cap, based on price and supply, doesn't limit price potential. Instead, XRP's price movement is driven by supply and demand, which investors should prioritize. However, this pattern doesn’t necessarily play out within a single bull market. It could take multiple bull markets to fully develop, as seen in the past, where price movements spanned several years.
However, he suggested that XRP might realistically target a price range between $5 and $10 in the next bull market, especially if the market remains in a corrective structure rather than an impulsive one. At the time of writing, XRP is trading at $0.60 levels, down by more than three percent in the last 24 hours.
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