Analyst Says XRP’s 11-Year SuperCycle Is Coming To An End, Why A Surge To $3.4 Is Imminent
One cryptocurrency analyst noted Ripple Finally broke through its shackles long term consolidation phasemarking the beginning of a significant price increase. He further predicts that XRP price is about to end its 11-year price rise super loopOnce finalized, this could pave the way for a surge to $3.4.
SuperCycle will spark a $3.4 surge
TradingView cryptocurrency analyst Skyrexio said release one Ripple Price Analysisthe forecast may rise to $3.4. In a chart analysis, Skyrexio revealed that XRP has recently broken out of a four-year consolidation period, which could mark the beginning of a new phase. Bullish uptrend.
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Not surprisingly, the total duration of the merger period is consistent with the number of years XRP embroiled in a legal battle Cooperate with the U.S. Securities and Exchange Commission (SEC). XRP price fell sharply after the lawsuit ended, scope limit It has struggled with legal and regulatory challenges for years.
Notably, Skyrexio’s bullish prediction for XRP price relies on Elliott wave theorya technical indicator that predicts asset price movements by identifying frequently occurring long-term price patterns. The analyst noted that XRP’s first Elliott wave began in 2013, almost 11 years ago. Since then, the cryptocurrency has experienced a price correction, followed by the legendary third wave.
In the past three years, Ripple price It has been trading sideways, failing to realize the gains that would have pushed its price significantly above the $0.5 mark. Skyrexio revealed that this Prolonged lateral movements Can be interpreted as a corrective triangle pattern in wave 4.
Analysts revealed XRP has successfully broken through The end of this triangle pattern marks the end of its correction phase. He said that cryptocurrencies are now in their fifth wave, the final wave of their first global super cycle.
based on Elliott Waves for XRP Analysis shows that Skyrexio has outlined two bullish targets for XRP price. Analysts predict that XRP may rise between $2.50 and $3.80 by the end of this super cycle. He emphasized that the higher price target of $3.8 is more likely to be achieved because historical data shows that 90% of the time, wave 5 experiences higher highs than wave 3.
Skyrexio concluded its analysis by pointing out key bullish indicators on its price chart, including the bullish reversal bar and the green dot at the end of the Metro C. He said these bullish signs appearing on the monthly time frame are strong indicators of underlying potential. Rise could push XRP price to final price bullish target.
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XRP price updates
XRP price has A milestone was achieved First time in years. In just one week, the cryptocurrency surged 101.77%, experiencing a sharp rise price rise After Donald Trump won the election US presidential election this month.
Earlier this year, the price of XRP was hovering in the $0.5 range, rising slightly but unable to break above this key resistance level. Cryptocurrency prices have now doubled Trading above $1this historic feat caught the attention of the broader cryptocurrency community. As of this writing, XRP is up another 10.1% and is priced at $1.16, according to CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
