As a seasoned researcher with over two decades of experience in financial markets and cryptocurrencies, I find the current analysis on XRP by TradingSides and Egrag Crypto particularly intriguing. Having closely followed Ripple‘s evolution since its early days, I must admit that I am excited about the potential bullish factors outlined by TradinSides, such as the launch of RLUSD, Trump’s pro-crypto stance, Paul Atkins’ appointment, and the possibility of SEC dropping its appeal against Ripple.
According to cryptocurrency expert TradinSides, the recent drop in XRP price down to $2 may have concluded the bearish second phase. Following this, the analyst pointed out potential elements that could fuel an upward surge, or what they refer to as wave 3 impulsive move.
XRP Price Crash Ends Bearish 2nd Wave
In a recent TradingView post, TradingSides suggested that the latest XRP price test at $2 might signal the conclusion of the second wave in the Elliot Wave pattern of its bullish phase. Since it appears that wave 2 has concluded, an impulsive move upward for wave 3 could commence anytime soon. The analyst highlighted five key factors supporting this bullish prediction for XRP.
Initially, the analyst pointed out that the recent introduction of Ripple’s RLUSD was one possible catalyst for an increase in the XRP price during Wave 3. The launch of this stablecoin has certainly given a positive perspective to XRP, as its value increased noticeably after the release of RLUSD on December 17.
One point that the cryptocurrency analyst mentioned is Donald Trump’s endorsement of alternative coins. With Trump expressing a positive stance towards cryptocurrencies, there is speculation that he will establish a favorable regulatory framework for these altcoins once he assumes office on January 20. This could potentially lead to substantial increases in the price of XRP, as Ripple was a significant contributor to Donald Trump’s campaign and his upcoming inauguration.
TradinSides notes that the appointment of Paul Atkins, a pro-cryptocurrency individual, is another positive factor for potential increases in XRP’s price. It is anticipated that Atkins’ tenure will bring an end to the Securities and Exchange Commission’s practice of regulating the crypto industry through enforcement actions.
Translation: This development might cause the SEC to abandon its appeal against Ripple, another point the crypto expert highlighted could significantly increase the value of XRP. In conclusion, the analyst predicted the approval of XRP ETFs as a potential catalyst for XRP’s third surge upward.
Analysis Of Higher Timeframes
In a recent post on X, cryptocurrency expert Egrag Crypto offered a detailed analysis of XRP’s price movement focusing on larger timeframes. According to his assessment, if the yearly candle closes above $1.99, it would be a significant turning point. This $1.99 level is important because it represents the closing of the 2017 annual candlestick for XRP, and surpassing it would mark a historic event in the history of XRP.
During a review of the past six months, Egraq Crypto observed that the XRP price has become more consistent, carrying less risk and promising steadier development compared to its behavior in the 2017 market cycle. He anticipates that XRP will exhibit longer-term, sustainable price growth this time.
In his analysis over a three-month period, Egrag Crypto mentioned that there’s ample potential for growth in the Relative Strength Index (RSI). He further noted that the XRP price has surpassed the 70 level, signifying an extremely optimistic outlook. Moreover, he indicated two more potentially bullish targets for XRP at levels 87 and 96.
Lastly, for the 2-month timeframe, the crypto analyst stated that the XRP price is above the Equilibrium. The last time this happened, XRP saw a massive 13x price increase. In line with this, the analyst remarked that a rally to $13 looks “super easy” to reach.
Currently, as I’m typing this, the value of XRP stands approximately at $2.36. It has seen an increase of more than 4% within the past 24 hours, based on information from CoinMarketCap.
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2024-12-22 02:12