Crypto analyst TradinSides indicated that XRP’s recent crash to $2 may end the bearish 2nd wave. For that reason, the crypto analyst mentioned the factors that may drive the wave 3 impulsive move to the upside.
XRP Price Crash Only Bearish 2nd Wave
In a TradingView postTradingSides said that the XRP price test of the $2 level may be the end of the second wave in the Elliot Wave bullish cycle for XRP. Since Wave 2 is likely to be done, a sudden wave 3 move to the top will happen anytime from now. The crypto analyst explained five factors on which this bullish potential is based.
First, the analyst cited the recent launch of the RLUSD for Ripple as one of the factors that may drive Wave 3 movement in XRP price. The launch of the stablecoin has undoubtedly given XRP a positive outlook, especially considering how its value has increased following the launch of RLUSD on December 17.
Another factor noted by the crypto analyst is Donald Trump’s acceptance of altcoins. The US president-elect has already announced his pro-crypto stance and is expected to create a regulatory environment for these altcoins as well. he takes over on January 20. The price of XRP could make a big profit after this event, as Ripple is one of the biggest crypto donors to Donald Trump’s campaign and his upcoming inauguration.
XRP market cap currently at $128 billion. Chart: TradingView.com
TradinSides also cited the appointment of pro-crypto Paul Atkins as another factor providing bullish power for the XRP price. Atkin’s administration is expected to end the Commission’s regulation-by-enforcement approach to the crypto industry.
This may lead the SEC to drop its complaint against Ripple, another factor that the crypto analyst mentioned could give a big boost to the price of XRP. Finally, the analyst pointed to the approval of XRP ETFs as a factor that could drive the third wave of XRP.
Advanced Schedule Analysis
In X post, crypto analyst Crypto currency provided in-depth XRP price analysis based on high time frames. For the annual candle, the analyst noted that a close above $1.99 would change the game. He added that the $1.99 target shows the closing of the candle for the year 2017, and closing above will be a historic moment for XRP.
While analyzing the six-month chart, Egrag Crypto said that the price of XRP is now stable, with lower risk and more stable growth than the 2017 cycle. He predicts that XRP will experience stable price growth this time.
In his analysis of the 3-month chart, Egrag Crypto said Relative Strength Index (RSI) in this timeframe we still have a lot of room for expansion. He added that the price of XRP has already passed the 70 mark, which is “very bullish,” and that the crypto still has two bullish targets at 87 and 96.
Last time, during 2 months, the crypto analyst said that the price of XRP is above Equilibrium. The last time this happened, XRP saw a massive 13x price increase. Accordingly, the analyst noted that a rally to $13 looks “very easy” to achieve.
At the time of writing, the price of XRP is trading around $2.36, up more than 4% in the last 24 hours, according to the report. the data from CoinMarketCap.
Featured image from The Giving Block, chart from TradingView
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