Analyst breaks down the possibility of XRP being in a new trend. What are its new bull targets for the year? Can the price of XRP set new ATHs this year? Ripple’s XRP has been one of the most
Ripple’s XRP has been one of the most watched altcoin assets over the past few months, and arguably, years. This is because the asset has been printing multi-year bullish indicators only to repeatedly delay its inevitable surge. Recently, analysts were expecting XRP to bottom at the $0.87 price range. Instead, XRP surged, and an analyst breaks down the possibility of XRP being in a new trend.
For several weeks, one expert crypto analyst has been adamant about the price of XRP setting its bottom in the $0.87 price range. This expectation was a highly respected take as every other lower low target the analyst expected was hit, leading to the final last drop. What is interesting is that BTC was also expected to set a lower bottom at the $40,000 price range. Now, both assets have changed the script.
The same analyst who expected a $40,000 bottom price for BTC went on to state that BTC could not drop below $54,000. This expectation may have played out as the price of BTC surged to hit $80,000. The expert said once BTC surged above $82,000 - $84,000, a bull market will have been confirmed. Presently, he believes we are in the early stage of a bull market as he declared the bear market had ended.
https://twitter.com/CasiTrades/status/2091912748149924224 Similarly, it seems that XRP is playing a similar strategy. Thus, the expectation of the price of XRP hitting a lower bottom may have changed. Much like BTC, XRP too may have changed its targets, meaning it has already bottomed and is now following BTC towards a higher high. Thus, the expert in the post above wonders what XRP’s new targets are if the asset is currently on a new trend.
As the post above suggests, XRP may be on a new trend and the bullish scenario is highlighted in orange. If XRP is starting a new trend off the .786 macro, the next wave should take XRP towards $1.78, which would complete the first 5 waves up to complete subwave 1. From there, XRP could make a larger correction for W2, targeting $1.30, followed by subwave W3 targeting around $2.57.
Ultimately, the expert is mapping the full 5-wave structure toward $2.90. All of that would only complete Wave 1 of the much larger macro Wave 3. The larger W2 that follows could then bring XRP back toward $1.65, turning the resistance the asset is fighting today into future support. So, if this is the beginning of a new trend, there is a very real possibility for XRP to never dip to prices below $1.20 again.
