Market analyst CrediBull Crypto has spotlighted XRP as one of the most technically bullish altcoins in the market right now.
According to his latest chart analysis on X, the asset displays an impulsive structure based on its recent lows that is unmatched by any other altcoin.
Specifically, he stated that while he’s optimistic about the upside potential of his other holdings in the coming months, no other altcoin currently shows a lower timeframe impulsive structure “as clean as” XRP’s has been from its lows.
In parallel, CrediBull emphasized that the recent sideways action in XRP’s price shouldn’t concern investors. He explained that the coin consolidating tightly around the $2 mark is a bullish signal, not a bearish one.
He stressed that such price behavior often sets the stage for significant upward momentum. According to the analyst, the longer XRP remains in this compressed range, the more momentum it builds for its next leg higher, an outcome consistent with bullish setups in previous market cycles.
For instance, XRP broke out and surged 6X last year after several years of consolidation. Now, the coin has remained relatively passive for the past four months, even as Bitcoin continues to reach new highs. As a result, XRP analysts believe a powerful move is brewing.
Elliott Wave Theory Supporting XRP’s Massive Upside
In his analysis, CrediBull applies Elliott Wave Theory to forecast XRP’s potential movement, drawing comparisons to Bitcoin’s past performance.
The accompanying chart shows that XRP has completed its Wave (ii) correction and is now in for Wave (iii), which projects an aggressive price advance. Specifically, the chart suggests that XRP could surge from its current level to around $16 before undergoing a major Wave (iv) correction.
Upon a successful retest, further waves could potentially take XRP’s price as high as $32.
XRP Could Mirror Bitcoin’s Breakout from $25K to $74K
To support this forecast, CrediBull draws a parallel to Bitcoin’s historic Wave 3 rally, where BTC jumped from $25,000 to $74,000.
The comparison shows that XRP’s current consolidation phase and wave structure on the daily timeframe mirror Bitcoin’s setup on the weekly timeframe just before its breakout.
Notably, Bitcoin’s Wave 3 saw it rise from around $25K in late 2023 to $73,750 by March 2024. This was followed by a corrective Wave 4 phase, during which the price revisited lows around $49,000. A continuation occurred later in 2024, which saw Bitcoin surpass $100,000 in December.
CrediBull uses this wave pattern to suggest a similar breakout may be imminent for XRP. If history repeats, XRP could be on the verge of a parabolic surge similar to the one that propelled Bitcoin to record-breaking highs.
XRP is currently trading at $2.42. Reaching $32, as CrediBull’s chart projects, would require a growth of approximately 1,233%.
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.
