XRP Price Prediction: Target Aiming for $8.5! Is the Next Wave About to Begin?

As signs of a potential breakout gradually emerge, XRP is once again drawing attention. As market sentiment slowly shifts, XRP holds its key support level, and analysts believe that the next wave of impact may be imminent. If momentum continues to strengthen and the key resistance level is broken, XRP may be on the verge of a explosive pump, potentially reaching as high as 8.5 dollars.

Elliott Wave Theory Indicates XRP Price Will Experience Major Breakthrough XRP cryptocurrency analyst Paul Webborn has released the latest XRP prediction update, reiterating his bullish stance on the third-largest cryptocurrency. The market expert noted in his analysis that XRP may be entering a strong pump phase, with expectations that the XRP price could reach or even exceed $8 during the current cycle.

Webborn's analysis uses the Elliott Wave Theory to track the price trend of XRP since the low point in June 2022, considering this point as the starting point of a new bull market cycle. The chart is based on the impulse wave structure, visually presenting the subsequent trend of XRP.

It is expected that the cryptocurrency will experience a short-term pump, with an initial target price below 8 dollars, followed by a brief pullback, and the final rebound may push XRP to a new all-time high. Notably, the chart shows that the major wave A and wave B have ended, and XRP is currently experiencing wave C, which consists of five intermediate waves.

The intermediate waves 1 to 4 seem to have completed, and wave 5 is still in formation. Webborn points out that the final fifth wave is expected to break down into five smaller sub-waves. Sub-wave 3 is expected to push the XRP price down to the range of 5 to 6 dollars, while the full extension of wave C could push it up to between 8 and 10 dollars.

Analysts have set the invalidation level at $1.90, which means that any fluctuations below this level will break the current bullish structure and could put further pressure on the XRP price. Webborn predicts that if the level of $1.90 is breached, XRP could drop to around $0.287, which means its market price would fall more than 87% from the current market price.

However, the charts show that this low has already been reached, further reinforcing the bullish sentiment that altcoins may soon experience a significant pump breakout. Although Webborn did not provide a specific timeline for his optimistic forecast, the analyst believes that as the market enters the next phase of rise, explosive growth could occur in the coming months.

Price Trend Update Recently, the XRP price has maintained a strong support level above $2. Despite experiencing a prolonged consolidation period, it still retains strong momentum. According to CoinMarketCap data, the current trading price of XRP is $2.22, which represents a slight pump of 1.35% over the past day.

Disclaimer: The above content does not constitute investment advice, please be aware of the risks.

(Source: NewsBTC)