Multiple crypto analysts have highlighted that XRP is preparing for another explosive price move following its recent pullback.
In the last 24 hours, the value of XRP has declined by over 11%, dropping from $1.45 to $1.29. This latest bearish movement has further impacted XRP’s weekly performance, with the asset now down 23% from its recent multi-year high of $1.6216.
This downturn mirrors Bitcoin’s drop from $99K to just above $90,500 this week. However, market analysts believe a bullish reversal could be on the horizon for XRP after its four-day downtrend.
XRP Breakout Expected Soon
One such analyst, Crypto Scofield, expressed this view today in a post on X. He suggested that XRP is setting for a breakout as it approaches the breaking point of a symmetrical triangle formed by the asset’s price action over the past few days, following its peak at $1.62 on November 23.
In a separate post, analyst Zeltima highlighted that XRP’s 1-day chart is likely to close with a dragonfly doji, which is a highly bullish signal considering the current downtrend. He pointed out recent candlestick patterns, noting that just a few days ago, XRP closed with a gravestone doji, followed by a hammer, then a long-legged doji.
He believes today’s candlestick is likely to form a dragonfly doji. “How can you be bearish right now?” he challenged market skeptics.
Notably, since falling to $1.29, XRP has quickly recovered, settling around $1.37 at press time. At this value XRP is 64.30% below its all-time high.
XRP’s Journey to Price Discovery via Wave Patterns
Likewise, in a post today, technical analyst Charting Guy shared an update on XRP’s wave count to forecast the asset’s direction in the coming weeks. He highlighted that he correctly identified the wave 2 low at $0.38 in July and noted that his forecast for wave 3 is currently playing out as expected.
Based on his analysis, XRP has just completed wave 3 of 3 and is now experiencing a minor correction in wave 4 of 3. This slight pullback is a precursor to wave 5 of 3, which could push XRP into price discovery, with an estimated target range between $3.80 and $4.20.
Looking ahead, Charting Guy anticipates a macro wave 4 correction, which could bring the price down to around $2. This will likely be followed by the final wave 5, which he believes could propel XRP to his long-term target of $8–$13. Charting Guy expects these scenarios to unfold through 2025.
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.
