Recent chart analysis shows that XRP's price may be preparing for a significant breakout, potentially indicating new records.
Chart Structure
A symmetrical triangle has formed since July, following XRP's achievement of a new all-time high. Within this triangle, a well-defined five-wave structure is emerging. The successive highs are decreasing while the lows are increasing, compressing the price range. Wave 'E' starts close to the apex, indicating structure maturity.
Projection Signals
The analysis suggests that following consolidation, XRP could rise toward a target of approximately $4.5. While the chart does not provide explicit targets or dates, the direction of the arrow illustrates the likelihood of achieving a new high for the digital asset.
What's Next for XRP?
The chart structure appears mature, indicating XRP is entering the final wave in the Elliott Wave sequence. Currently trading at $2.83, XRP shows similar bearish momentum to the broader market, but short-term prospects remain positive.
The analysis indicates a potential significant price breakout for XRP. A successful move above the upper boundary of the triangle will be crucial for validating this scenario.
