An analyst’s recent Elliott Wave analysis projects a bullish trend for XRP, with the third wave potentially pushing the price to $6.
Charting Guy indicates that XRP completed Wave 2 with a July 5 drop to $0.3825 and is now entering Wave 3, historically the most bullish phase.
Following Wave 3, Charting Guy anticipates a minor correction in Wave 4 but expects the overall bullish trend to continue, potentially driving XRP prices to $22.
XRP Price Prediction: Analyst Forecasts Potential Surge to $22
An analyst’s recent Elliott Wave analysis suggests a bullish outlook for XRP, with the third wave potentially pushing the price up to $6. According to Charting Guy, XRP completed Wave 2 with the July 5 drop to $0.3825 and is now entering Wave 3. Historically, Wave 3 is often the most bullish phase.
Various analysts have set multiple bullish targets for XRP amid this third Elliott Wave. Last December, CryptoBull projected that Wave 3 could elevate XRP to $27. More recently, Cryptobilbuwoo forecasted a range of $21 to $45 for this wave.
people highly underestimate how violent altcoin wave 3s are$XRP https://t.co/l10wNpKS6d pic.twitter.com/BPY2izy869
— Charting Guy (@ChartingGuy) July 24, 2024
Following Wave 3, Charting Guy anticipates a corrective Wave 4, which might involve price consolidation or a minor pullback. Nonetheless, the overall bullish trend is expected to persist with Wave 5, potentially driving XRP prices up to $22. Charting Guy also mentioned that while $22 represents an optimistic target, a more realistic goal would be in the range of $8 to $13.
Key Points:
XRP completed Wave 2 at $0.3825 on July 5. Analysts predict Wave 3 could push XRP to $6. Overall bullish trend likely to continue through Wave 5, with targets ranging from $8 to $22.Impact of Mt. Gox Distribution and Ethereum ETF Performance on XRP Price
The ongoing Bitcoin distribution from Mt. Gox has negatively impacted XRP’s price. The release of 52,550 BTC into the market has increased supply and exerted pressure on all cryptocurrencies, including XRP. Despite this, XRP is showing some signs of recovery as investors stabilize their holdings.
Additionally, the poor performance of U.S. Ethereum ETFs, marked by significant outflows, has weakened Ethereum’s price and indirectly influenced XRP. The negative sentiment around Ethereum affects the overall market, placing downward pressure on XRP’s value.
Key Points:
Mt. Gox released 52,550 BTC, increasing market supply. Ethereum ETFs saw significant outflows, weakening market sentiment. These factors combined to exert downward pressure on XRP’s price.XRP Trading Volume Surges Amid Ripple vs. SEC Speculation
XRP’s trading volume has surged by 21% to $2.07 billion, reflecting renewed interest in the cryptocurrency. Over the past 24 hours, more than 3 billion XRP tokens were traded, showcasing strong liquidity and market demand.
This increase in volume comes amid speculation about a potential settlement or ruling in Ripple’s ongoing lawsuit with the SEC, which could significantly impact XRP’s price.
A favourable outcome for Ripple could see XRP surpass the $1 mark, while a negative ruling could lead to substantial declines.
Despite broader market conditions, the potential Ripple vs. SEC settlement might help stabilize XRP’s price around $0.62. The increased trading volume and positive sentiment could limit losses and provide some support.
Key Points:
XRP trading volume increased by 21% to $2.07 billion. Over 3 billion XRP tokens traded in the last 24 hours. Speculation on Ripple vs. SEC case impacting XRP price sentiment.XRP Price Prediction
XRP/USD is currently trading at $0.6200, reflecting a 1.44% increase in the latest session. An upward channel supports the price movement, maintaining buying pressure above the $0.5982 level.
This trend is further reinforced by the 50-day Exponential Moving Average (EMA) at $0.5899, indicating a sustained bullish outlook. The Relative Strength Index (RSI) stands at 58.91, suggesting moderate bullish momentum.
XRP Price PredictionKey price levels to watch include the pivot point at $0.5982, which acts as a critical support level. Immediate resistance is found at $0.6266, with additional resistance levels at $0.6561 and $0.6731. On the downside, immediate support is at $0.5982, followed by $0.5899 and $0.5616.
The technical indicators signal a bullish trend as long as XRP/USD remains above the $0.5982 pivot point. The RSI indicates room for further upside, and the alignment of the 50 EMA supports this view.
In conclusion, XRP/USD shows a positive outlook, supported by strong technical indicators and price levels. Conversely, maintaining above this level could lead to further gains, with potential targets at $0.6266, $0.6561, and $0.6731.
Memegames ($MGMES) Presale: An Exciting New Meme Coin on the Horizon
Within just three days of its launch, Meme Games ($MGMES) has raised an impressive $250k, indicating strong investor interest. Priced at $0.009 per token, $MGMES is already generating significant excitement.
As meme coins continue to capture the crypto market’s imagination, Meme Games promises to be a standout contender.
Join the Meme Games – Competitive Spirit
Inspired by the Olympics, Meme Games features virtual competitions among top meme coins. Characters like Doge the OG, Pepe the Versatile, Wif the Trendsetter, Brett the Conqueror, and Turbo the Speedster compete in various events, with participants earning $MGMES tokens as rewards.
To join the action, secure your $MGMES tokens now during the ongoing presale. The current price of $0.009 per token will soon increase, so act quickly to take advantage of this opportunity.
Presale and Future Prospects
Meme Games is set to list on decentralized exchanges (DEX) by September 10. As the listing date approaches, the token price is expected to rise significantly.
The presale offers a great entry point for investors looking to capitalize on this potential growth. With a market cap target of $792,208, the $MGMES presale is well on its way to success.
Don’t miss out on the Meme Games presale. Secure your $MGMES tokens now at $0.009 each before the price increases.
Visit the Meme Games website to participate in the presale and stay updated on the project’s progress by joining their community on X and Telegram. The smart contract has passed a full audit by SolidProof, ensuring the security and reliability of your investment.
Buy Memegames Here
The post $22 XRP Price Forecast: Analyst Predicts Bullish Third Elliott Wave appeared first on Cryptonews.
