The Potential of XRP: Can It Reach $8 This Cycle? Insights from a Chartist

XRP traders are currently engaged in discussions about potential price targets as Charting Guy, a well-known chart analyst, has reiterated his bullish long-term prediction. He asserts that XRP has the potential to reach $8 in this market cycle. "XRP still going to $8, idc," he remarked on X on the morning of November 25, sharing a weekly XRP/USD chart sourced from Bitstamp.

Key Takeaways

Charting Guy predicts that XRP could potentially reach $8 in this cycle.
Current price stands at approximately $2.25, with a recent weekly gain of around 9.8%.
Analysis reveals a classic five-wave impulse pattern, indicating that the next major upward movement could occur shortly.
The price is currently fluctuating around critical Fibonacci support and resistance levels, suggesting targeted strategies for traders.
Traders hold differing opinions about future price movements, from conservative estimates to aspirations for much higher targets.

XRP news

Room for Price Growth in XRP

At the time of the tweet, XRP was trading at approximately $2.25, representing a weekly increase of around 9.8%. The chart illustrated an Elliott Wave structure starting from early 2023, predicting a peak in 2026. This analysis is grounded in a comprehensive Fibonacci framework that stretches from roughly $0.25 to a 1.272 extension target of $8.29661.

XRP price analysis | Source: X @ChartingGuy

The analysis indicates a classic five-wave impulse pattern. Wave 1 shows a rise from a post-bear-market base, peaking at the 0.618 Fibonacci level near $0.915. Wave 2 retraces for 51 weeks (357 days), bottoming slightly above the 0.382 retracement at $0.41315. Wave 3 depicts a significant rally, breaking through various Fibonacci levels and extending past 1.0 at $3.31700.

Some users argued that a spike to about $3.65 marked the end of Wave 5, a notion Charting Guy dismissed, stating that it was clearly a B wave. Following this high, the chart reflects a year-long consolidation, labeled as Wave 4, occurring over 50 weeks (350 days), where prices hovered between the low $2 range and above $3. Notably, this Wave 4 low maintains above the critical 0.786 Fibonacci support level at $1.61246, never returning to the $1 level.

From this consolidation phase, the anticipated Wave 5 is projected to rise from around the $2–$2.30 range—where XRP is currently trading—toward the 1.272 extension target of $8.29661. The projection indicates that after reaching this level, only a slight pullback is expected, suggesting this price could be the high for the current cycle.

The Fibonacci levels also highlight the current battleground for XRP's price. It is currently fluctuating near the 0.888 level at $2.27404, aligning closely with the latest weekly close. The previous Wave 3 peak, around $3.317, remains the next significant resistance level on the chart.

Opinions among traders vary. While one user pointed out the possibility of XRP dropping below $1.50, Charting Guy firmly disagreed, indicating that the $1.61 level has already set the Wave 4 low, eliminating any expectation of dropping below that mark.

Conversely, some traders expressed hopes for even higher targets, with one follower wishing for prices of $20 and more. Charting Guy replied that while $20 isn't part of the planned trajectory, it remains a potential outcome. However, his chart does not indicate any path beyond the $8.29 extension, emphasizing that mid-single-digit prices remain his primary focus for this cycle.

As of the latest update, XRP is trading at around $2.20.

XRP price, 1-week chart | Source: XRPUSDT on TradingView.com