The price of XRP has witnessed a remarkable 20% surge, hitting $1.84 as its upward rally persists. This climb is in line with the Elliott Wave Theory, indicating that XRP is presently in the highly impactful third wave of its trend.
The third wave is widely regarded as a crucial and forceful segment of an upward movement, implying that the cryptocurrency might sustain its ascent in the days to come. Additionally, XRP has regained the significant milestone of a $100 billion market capitalization.
The rally was initiated after XRP surpassed the $1.00 mark, marking the commencement of the first wave. Subsequently, it stabilized around $1.30, forming the second wave. Now, with robust momentum and a growing trading volume, XRP seems to be well into its third wave.
This phase usually propels prices to exceed previous levels, luring more investors and enhancing market optimism. The next significant resistance level to monitor is $1.90.
Should XRP breach this, the price could potentially reach $2.00, a vital psychological threshold, and inch closer to its all-time high of $3.12. The rally is anticipated to carry on, with the long-term target ranging from $3.00 to $5, subject to market circumstances.
Nonetheless, there are associated risks. A decline below $1.30 could potentially disrupt the wave structure and signify a weakening trend. But at present, XRP’s momentum stays firm, bolstered by solid support around the $1.30 level.
For investors, the forthcoming days hold great significance. They should watch out for a possible breakout at $1.90 and stay vigilant for any signs of a correction. If XRP’s upward trajectory continues, the $2.00 mark could be the next major target for a significant breakout.
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