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Can XRP Reach a New ATH of $7.56?
The weekly price action of XRP/USDT indicates the development of the Elliott Wave pattern, with Wave 1 reaching a peak at $1.96, followed by Wave 2 correction, touching the bottom at $0.3. The next price increase trend begins with Wave (i) at $0.38. Wave (iii) expanding above $2.9 indicates strong upward momentum. Wave (iv) consolidating near $2.42 and Wave (v) could target up to $3.73, the 200% Fibonacci extension level, and even $7.56 with an increase of 261.8%. These levels mark strong resistance and potential highs. The price action of XRP remains resilient despite the overall market downturn, indicating the potential for recovery. The structure indicates that XRP price may reach a new ATH after BTC forms a bottom.
A sharp drop to around $2.25 triggered a recovery to $2.3 and another growth to above $2.35. XRP shows the potential for recovery despite the market being liquidated $525 million. The higher low of XRP indicates strong buying demand, with $2.25 acting as a solid support level. When XRP and BNB lead the upward trend, additional momentum has helped push XRP above $2.35. Strong resistance level and continuous buying pressure will determine the next move. Whale sells 60 million tokens A deeper analysis reveals that the whale has sold 60 million XRP, impacting significant changes in the price trajectory. This altcoin has witnessed a continuous decline in the amount held by large wallets from 10 million to 100 million XRP during this period. XRP reached nearly $2.43, reflecting price increase activity before the downward adjustment. After that, the price dropped to about $2.29, showing increased selling pressure. However, XRP has resumed its recovery momentum, returning to over $2.5 at the current time. The accumulation phase began at the end of December, coinciding with a short-term growth. This price increase shows temporary optimism. If whales continue to sell at similar volumes, prices may test lower support levels.
However, the recent accumulation by large investors has pushed the price back above $2.5. Reducing the whale holdings is in line with the overall market instability, signaling the potential for continuous volatility. The activities of these whales remain crucial in predicting the short-term direction of XRP. Important events to keep track of However, analysts have outlined several conditions for XRP holders to consider taking profits, including the outcome of the Ripple vs. SEC lawsuit settlement, the launch of Ripple's IPO, approval of XRP ETF, and XRP reaching ATH. Past events have highlighted XRP's response to macroeconomic and regulatory catalysts. These events are crucial for the long-term price fluctuations of XRP, boosting investor confidence and driving prices higher. In addition, conditions such as the potential for Bitcoin to reach $150,000, cross-border stablecoins launched on the XRPL, and the tokenization of real-world assets on the XRPL are identified as important activating factors.
The inauguration of Trump and the potential policy changes in the United States could be catalysts for potential growth. If all these conditions are met, XRP could witness sustainable growth and potentially surpass previous record levels. Although many conditions are still not met, the chart emphasizes a cautious approach. Selling early could lead to missing out on significant profits from market changes in the future, while if things go well, whales will have more motivation to hold XRP tokens. DYOR! #Write2Earn #Write&Earn $XRP (XRPUSDT)