Crypto analyst Xoom has prepared a chart highlighting potential price movements for XRP expected on August 9.
Wave Structure and Support Confirmation
Xoom's analysis is based on Elliott Wave Theory, where he identifies a 'perfect call for the bottom.' The price drop concluded near $2.8, providing support confirmation. XRP previously lost the crucial $3 support level but sharply rebounded, reaching $3.08 at the time of the analysis.
Full Moon Reinforces Bullish Sentiment
Although moon phases are not a traditional technical indicator, the approaching full moon on August 9 may act as a catalyst for positive price movements. Observing the price action following the fifth wave, the analyst suggests that short-term sentiment remains bullish. XRP has retained its gains and avoided significant pullbacks.
Significance of Forecast for Investors
Xoom's analysis highlights the possibility of a new impulsive move based on wave structure. While no explicit price target was established, the market likely prepares for a higher price movement. The timing of the analysis coincides with the full moon, which carries its symbolism within the crypto community.
The projected movements of XRP in the coming days are drawing attention from investors. While the full moon may not be a universal indicator, its connection with technical analyses could foreshadow market changes.
