Analyst Predicts XRP May Surpass $4 This Cycle

Despite facing challenges in the current market, XRP's price struggles haven't deterred bullish sentiments. The recent launches of XRP ETFs have led to a significant influx of capital into the cryptocurrency. As anticipation grows for new all-time highs beyond the 2018 peak of $3.84, one analyst has confidently predicted a surge in XRP's price based on the “true Elliot Wave view.”

Key Takeaways

XRP price is currently facing challenges but bullish sentiments are rising, fueled by the launch of XRP ETFs.
Analyst XForce Global believes the Elliot Wave Theory for XRP is not yet fully played out, indicating potential for upward movement.
Support levels above $1.87 could lead XRP to exceed $4 or even approach $6.
The launches of multiple XRP ETFs may create upward pressure in the market, leading to significant price surges in the coming months.

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Understanding Potential Price Movement for XRP

In a recent analysis shared on X, noted crypto analyst XForce Global suggested that the Elliot Wave Theory for XRP's price has not fully played out. While there has been widespread belief that XRP completed its final wave and might face a bear market, XForce Global disagrees.

The analyst highlights that the Elliot Wave theory might present a challenge for some on their shared chart. However, the chart reportedly removes market inefficiencies, providing a clearer outlook for XRP's price action.

According to this analysis, the altcoin may experience a bullish trend, potentially continuing upward after securing support above $1.87. If this pattern holds, XRP could exceed $4, possibly reaching as high as $5. Should the price dip further below current low points, the analyst suggests that an expanded flat route starting above $1.6 could still lead to similar bullish outcomes. Both scenarios are believed to push XRP above $4 and potentially towards $6.

XRP price
Source: X

Key Driving Forces Behind Potential Price Surge

A significant factor behind the anticipated increase in XRP's price is the launch of XRP ETFs. With three XRP ETFs now trading in the United States, analyst Chad Steingraber has discussed their potential impact on the altcoin’s market value.

Steingraber noted that XRP's price has reacted positively during trading hours of these ETFs but tends to decline during off-hours. This pattern is creating mounting pressure and momentum, which is expected to build over time. The outcome could lead to a substantial surge in XRP's price within the coming months, possibly reaching new heights.

XRP price chart from TradingView.com
Price retraces some gains | Source: XRPUSDT on TradingView.com