Market analysts discuss XRP's current correction based on Elliott Wave theory and the potential for bullish trends.
Current Wave 4 and Its Completion
According to renowned crypto analyst Man of Bitcoin, a breakout above $3.25 will signal the end of wave 4 in the current Elliott Wave cycle. The analyst highlights, "Wave-(C) of 4 has completed a 5-wave move to the downside, the pattern is now technically complete. A break above $3.25 would be the first confirmation that wave-4 has bottomed." Currently, the possibility of another low remains on the table.
Expert Opinions Analysis
Crypto analyst XRPunkie echoes the sentiment that XRP is in the wave 4 correction phase. He remarked, "Pullbacks are part of the game. Enjoy the ride to higher prices soon." According to the analysis, XRP may complete its wave 4 correction, yet a dip to $2.64 is also possible before Wave 5 commences.
Prospects for Further XRP Growth
Wave 4 corrections typically lead to explosive upward movements. A confirmed breakout above $3.25 would indicate the start of wave 5, thereby invalidating bearish structures. If XRP can establish itself above current levels, the next significant target might be $5.50, indicating the onset of a new bullish phase.
XRP's struggle at the $3.25 level could be a turning point for fresh upside depending on whether wave 4 has bottomed at the current price of $3.09. If so, the next major target could be $5.50.
