Market analyst Casi sets $8 to $13 as XRP price targets once the altcoin breaks out of its six-year consolidation phase.
Casi’s analysis revolves around XRP’s historical price movements, specifically focusing on its tendency to consolidate within triangular formations. According to the analyst, the next breakout could propel XRP’s price to notable targets ranging between $8 and $13.
XRP Price Trades Within 6-Year Consolidation
In a post on X, Casi examined XRP’s past behavior, highlighting how it has historically moved within triangles. The pattern typically consists of an initial upward wave reaching a peak, followed by a series of corrective moves forming an ABCDE triangle and trading within a consolidation phase.
🔮The Future of $XRP – What happens after 6yrs of consolidation??
For fun, I'm putting on my wizard hat and predicting what will happen after this triangle breakout!🧙
Take a look at my plan in the chart 👇#XRP has a small history to go off of, but it has a tendency to… pic.twitter.com/LSjhuHU2v9— CasiTrades 🔥 (@CasiTrades) May 22, 2024
XRP is currently trading within this pattern on the monthly chart, having hit its peak of $3.84 in January 2018 before correcting to trade within the consolidation phase. This phase has lasted for six years, with attempts at breaking it in April 2021 proving futile.
With the consolidation currently still in play, Casi believes XRP has the potential to repeat a price peak similar to what was observed in 2018 once a breakout occurs. However, she pointed out that the extent of the first breakout wave is uncertain at this stage, given that XRP is forming a new trend.
Breakout Could Take XRP to $13
Nonetheless, Casi has identified potential extension targets by measuring from the apex of the current triangle, positioned at $0.54, to the anticipated breakout high. These measurements suggest key levels around $8.20, with the possibility of reaching as high as $13.
Data from the chart shows that the analyst leverages the 5-Wave Elliott Wave structure to determine XRP price direction. One of the crucial aspects of the analysis is understanding the depth of the initial correction following the breakout. Casi notes that the nature of the correction will significantly influence the subsequent price action.
If the correction is shallow, with Wave A pulling back to around 38.2% of the initial breakout move, XRP might stabilize around $8. This scenario results in a target of $13 for the initial breakout and implies a less severe correction phase for XRP before it resumes the upward trajectory.
On the other hand, a deeper Wave A correction could result in a more extended ABC pattern, with price movements retracing more significantly before finding support. This deeper correction would imply a more volatile price action but still within the bounds of the identified price targets.
Suggestions for an XRP Price Suppression
Meanwhile, XRP price currently trades for $0.5268, approaching the apex of the current triangular consolidation. Despite the recent recovery, XRP still trades below the 50-day EMA ($0.5317) and 200-day EMA ($0.5806), suggesting bearish momentum in the short and long terms.
With commentaries of XRP price suffering from suppression due to the SEC lawsuit and Ripple’s sales, the end of the legal battle and a resurgence of institutional interest could provide enough strength for a push toward the $13 target.
The Crypto Basic reported yesterday that XRP topped Solana and BNB in trade volume last year but did not perform as well in price action due to reduced capital inflow. Interestingly, another market analyst, Bobby A, previously set a similar $8 to $13 target range for XRP, maintaining that it remains valid in January.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
