CandleFocus Analyst Says XRP Pullback Shows Completion of Wave 4, Expects Wave 5 to Lead to $5
2024-12-28
Author: Content Editor
Market analyst Mr. Xoom believes that the ongoing pullback of XRP, despite the broader bearish market, is the completion of Elliott Wave 4. XRP has been unable to surpass the $2 price level since December, experiencing a pullback after reaching a peak of $2.9. Mr. Xoom's chart shows that XRP completed Waves 1 and 2 in September to November 2024, with the bullish Wave 3 starting in early November and ending in December. The current pullback represents Wave 4, which Mr. Xoom expects to conclude around the $2.14 region. Once Wave 4 is complete, a bullish Wave 5 could push XRP to a new all-time high of $5, according to Mr. Xoom. The current market conditions and oversold conditions indicate potential growth for XRP. To overcome the bearish state, XRP must break above the 20-day SMA and the upper Bollinger Band.
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