CandleFocus Analyst Suggests XRP Macro Cycle Wave 3 Could Push Prices to $12+
2024-10-08
Author: Content Editor
Macro technical analyst Chetan Gurjar predicts that XRP could experience a significant price surge to potentially reach two-digit figures, based on his analysis using Elliott Wave Theory. Gurjar highlights the potential for XRP to surpass the $12 mark as it enters its third macro wave. He divides XRP's price structure into macro cycles, with the first cycle occurring during the 2014-2017 bull run, where XRP experienced a significant price rally. Following this, XRP entered a corrective phase known as "Wave 2" characterized by a sideways trading pattern. Gurjar suggests that XRP may now be positioned to enter "Wave 3," which is typically the most explosive phase of a bull cycle. XRP is currently on the verge of breaking out of its triangle pattern, marking the completion of Wave 2. Gurjar projects a potential price target of $12.75 for XRP based on the Fibonacci 1.618 level. However, XRP's short-term movement is dependent on Bitcoin's bullish trend.
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