XRP now trades below the $0.5 price region, but market analyst Tylie Eric believes the crypto asset has fulfilled all conditions necessary for a surge to $36.
The crypto market is witnessing a bearish trend due to increased selling pressure. Bitcoin (BTC) has slipped to the $64,000 level for the first time in over a month, triggering a collapse in the broader crypto market. Amid the downtrend, XRP has felt a massive impact.
Consequently, the bears have forcefully retaken the $0.50 price territory, relegating XRP to the $0.48 region. As a result, XRP has dropped 5.94% this month, but has shown greater resilience than other altcoins like Ethereum (ETH) and Solana (SOL) which have respectively collapsed by 6.86% and 18.40% within the same timeframe.
XRP Trades Within Historical Elliott Wave Structure
Despite being in the red, XRP could be on the verge of recovering lost grounds and subsequently hitting new highs, according to Eric. The market analyst said this in his latest outlook on XRP’s price movements, calling attention to historical trends that previously pointed to substantial price upswings.
#XRP.
BEAT BY BEAT
I think XRP has ticked all the boxes and held all requirements to continue with wave 3 of wave 5,
Same way it did in 2017! pic.twitter.com/qqexAC7b1X— Tylie E (@TylieEric) June 20, 2024
He pointed out a 5-wave Elliott Wave structure followed by XRP on multiple occasions on the weekly chart. Notably, each time XRP has followed this structure, the fifth and last wave has led to a substantial price increase.
This pattern occurred in early 2017, with the completion of the fifth wave triggering an XRP price rally to the $0.3988 high in May 2017. Remarkably, data from Eric’s chart suggests that XRP had to spike by a massive 7,784% to the $0.3988 price. This surge preceded a short consolidation phase before another decisive rally to $3.31.
Potential Push to $36
With the drop from $3.31 and the series of price movements since then, XRP has slipped into another 5-wave structure. The structure is almost fulfilled, with XRP concluding all four waves over the past six years. Eric’s chart suggests that the fifth wave could again lead to a substantial price increase.
He projects an audacious 7,637% price upsurge, similar to the increase recorded in early 2017. Should this materialize, Eric’s chart points to an imminent rally toward $36. Eric is not the only chartist expecting an XRP increase to the $30 level. Notably, last September analyst CryptoInsightUK projected a price increase to $34.
XRP currently trades for $0.4850, down 1.08% over the past 24 hours. XRP’s immediate target at the current level is to decisively reclaim and retain the $0.50 price territory. It could leverage this point as a launchpad for a rally toward greater heights when the market recovers.
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.
