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Chartist Sets Bullish Price Target as XRP Wave 3 Unfolds
A renowned chart analyst has set a bullish price target for XRP, suggesting the asset may be on the cusp of a historic rally. The forecast comes amid ongoing momentum that is fueling optimism across the crypto market.
According to the analysis, which is based on Elliott Wave theory and Fibonacci extensions, XRP could be poised to surge between $10 and $15, with $13 being a key extension target. The technical setup, paired with strong market sentiment, points to an explosive upward move in the making.
The chart highlights a textbook Elliott Wave formation, indicating that XRP has completed Waves I through IV, with current price action setting the stage for the early stages of Wave V. This development is often considered the most powerful and extended of all impulsive waves.
Recent Price Action Aligns with Expected Correction
Following a strong recovery from the Wave IV low in May, XRP surged towards $3.60 before retesting the $3.00 level. This correction aligns with typical subwave 2 behavior, setting the stage for potentially explosive Wave 3 to follow.
Fibonacci Extensions Offer Key Profit Zones
The chart also highlights multiple Fibonacci extension levels that may serve as potential resistance or take-profit zones as Wave 3 develops. Critical levels include the 1.272 extension at $4.12, the 1.618 level at $5.31, the 1.786 level at $6.00, and the 2.618 extension near $7.55.
A crucial resistance zone is also identified between $6.00 and $7.50 (marked in purple), which could see price activity converge around these levels.
The $3.00 to $13.59 Rally
Beyond the 3.618 extension, a projected price of $13.59 aligns perfectly with XRPunkie’s upper target range of $10 to $15. The chartist suggests that Wave 3 may extend to this level if bullish momentum continues.
The article concludes by emphasizing the technical analysis presented and highlights several key points:
1. The current wave structure sets the stage for a potentially explosive Wave 3.
2. Fibonacci extensions offer strategic profit zones along the way.
3. Technical indicators remain strong, with no lower lows formed during the correction, suggesting that the decline may be short-lived before the next leg higher.
As such, XRP holders should sit back and relax while enjoying the potential upside, as $10 to $15 remains a viable target in the making.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to conduct thorough research before making any investment decisions.
Source: timestabloid.com
