The analyst says XRP’s pullback shows wave 4 completing, and he expects wave 5 to lead to $5

Mr.

This was mentioned in a recent analysis amid the ongoing market collapse. It should be noted that the broader cryptocurrency market was in a bearish phase during most of December despite occasional recovery efforts.

XRP is one of the victims of this turmoil, unable to move beyond it Price level is $2 Since it was restored on December 1 for the first time in seven years. It suffered a pullback after reaching a peak of $2.9 on December 3, and has consolidated since then.

XRP is about to complete wave 4

In his speech RevealMr. Xoom says this ongoing bearish consolidation represents the fourth wave of a broad Elliott wave structure.

For context, his chart shows that XRP completed wave 1 in September 2024 and traded within wave 2 from September to November 2024. Meanwhile, bullish wave 3 began in early November after that. Donald Trump wins In the US presidential elections. This wave 3 ended with XRP reaching $2.9 in early December.

As the pullback and consolidation occurred, wave 4 was formed. Mr. Once wave 4 ends, the next wave will be bullish, which bulls can take advantage of to recover losses from wave 4.

The data from the chart also highlights a descending channel as XRP has followed the path of wave 4. As wave 4 is nearing completion, XRP appears to be at the top of the channel. The beginning of wave 5 could lead to a rally that allows the asset to break through the upper trend line of the channel.

Wave 5 may push XRP price to $5

Mr. However, he insists that $5 is conservative. Earlier this month, market commentator Vincent van Code said anticipation XRP will demand $5 by February 2025.

The current market condition puts XRP in a position to post higher gains once the broader market recovers. XRP is currently trading at $2.14, but its CCI stands at -116.40, indicating potential oversold conditions. The last time the CCI for XRP hit -100 was in early November, when it traded at $0.51.

Suggests the current CCI value XRP There is still room for further growth, and a 133% increase is a fairly feasible goal. However, to overcome the current bearish condition, XRP must first break above the 20-day SMA at $2.31 and subsequently rise above the upper border of the Bollinger Band ($2.54).