XRP Ready For The 5th Wave: Analyst Says Don’t Fight It

XRP has spent the past week on the continuation of a downtrend from the previous week, slipping from above $2.50 before rebounding around $2.12 and now hovering around $2.30. The price action reflects a market struggling to find direction, caught between bullish optimism and lingering selling ￰0￱ the broader slowdown in its price action, technical analysis shows that XRP is still displaying a resilient structure on the charts that maintains its critical support ￰1￱ to Egrag Crypto, a popular analyst known for his long-term technical outlooks on XRP, the token may soon enter what will become the most explosive fifth wave ￰2￱ Reading: XRP’s Price Doesn’t Match Its Growing Real-World Use, Study Finds XRP Elliott Wave Analysis: ‘The Power Of 5’ Egrag Crypto’s latest technical analysis on the social media platform X points to the fact that XRP is in the final stages of its fourth impulse wave, which is a corrective wave based on the popular Elliott Wave Theory.

Notably, this movement is now setting up for the beginning of the fifth wave, which is a bullish impulse under the same ￰3￱ at previous cycles on the 5-day candlestick timeframe chart, particularly during 2017 and 2021, showed that similar setups came before massive upward surges in XRP’s ￰4￱ analyst’s chart displays a repeating structure of five-wave patterns, each representing major bullish impulses in the token’s ￰5￱ chart also reflects the distinct cyclical rhythm of XRP’s price behavior over the ￰6￱ major impulsive phase (waves 1, 3, and 5) has always been followed by smaller corrective waves (2 and 4), a structure that continues to repeat with ￰7￱ overlapping bands in cyan and pink, representing exponential moving averages, now point to XRP consolidating within a strong support region around $2.20, which indicates that the fourth impulse wave is coming to an ￰8￱ Technical Analysis: Source @egragcrypto on X Analyst Says Don’t Fight It By Egrag Crypto’s measure, the ongoing consolidation might be setting the stage for a similar move to double-digit prices if the fifth wave unfolds as ￰9￱ visual projection marks potential Fibonacci extensions of 1.272, 1.414, 1.618, and 2.618 at $4.789, $5.515, $6.755, and $18.259 as possible long-term targets once the fifth wave takes ￰10￱ levels may act as resistance points in the impending bull phase because they resemble the wave geometry that drove XRP’s earlier rallies in 2017 and 2021.

Interestingly, the analyst also referenced how skepticism often peaks before major ￰11￱ reminded followers of a trader who lost $30 million shorting XRP during its last major uptrend in ￰12￱ such, the analyst concluded by urging traders not to “fight the fifth wave” but to “ride it.” Related Reading: Get Ready — The End Of November Will Be Massive For XRP, CEO Says At the time of writing, XRP is trading at $2.27, down by 1.6% and 9.2% in the past 24 hours and seven days, ￰13￱ image from Unsplash, chart from TradingView