Following the recent recovery in XRP price, Maelius, an anonymous crypto analyst, said that the altcoin could reach $10 and an “optimistic” target of between $15 and $20, according to the Elliott Wave Theory on the weekly time frame chart.“Conservative case assumes XRP has completed its W3, currently in the process of finalizing W4, before expanding to a final W5.”He adds that the price action and RSI are mirroring the 2017 cycle, with the RSI topping out in the resistance area (in red), suggesting overbought conditions. If the current cycle repeats, Maelius predicts XRP could reach a W5 target of around $10 toward the end of the year. “Conservative assumption is for a magnitude of W5 to replicate the one of W3, thus targeting $10.”XRP/USD weekly chart.
Source: MaeliusMeanwhile, fellow analyst XForceGlobal also noted that XRP is still in a “major bull market,” with its price action standing out dramatically from the rest of the crypto market from an Elliott Wave Theory perspective.“If we have all the ideas aligned together with even the simple technical analysis, there is a very good chance that we’re are gonna be working for all-time highs at the very minimum expectation.” XRP/USD daily chart.
Related: Price analysis 4/14: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LEOThe reason given is a larger accumulation period compared to the 2017 cycle in terms of both price and the RSI.“Therefore, there is a possibility we have just completed W3 out of larger W3, meaning it is just taking a bit more time than previously,” Maelius explained. If it is taking longer this time, Maelius expects the RSI to retest the resistance to confirm the completion of the third wave.
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Author / Journalist: Cointelegraph by Nancy Lubale
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