Popular altcoin XRP holds the crucial $1.27 target. XRP prepares to test $1.3 resistance. Analysts debate over the next bear and bull targets for XRP. Ripple’s XRP remains one of the most pre
Ripple’s XRP remains one of the most prestigious altcoin tokens in the crypto space. Since its debut, the asset had been running alongside BTC and ETH. However, due to its battle with the SEC, the asset faced nearly 8 years of challenges, leading to its price staggering to heavy lows. Now, since its victory, XRP holders have been anticipating a glorious comeback. Presently, the popular altcoin XRP holds the crucial $1.27 target and prepares to test $1.3 resistance.
According to CoinMarketCap analytics, the price of XRP sits just below $1.30, showing that the asset is down by 1.37% in the last 24 hours. In terms of the past 7 days and 30 days, the asset is down by over 5% and 6%, respectively. To put it in terms of value, the price of XRP ran as far as just above the $1.6 price range before the market correction pulled the asset back down to below $1.3, where it trades now.
https://twitter.com/AragornWindbrkr/status/2112109513750794308As we can see from the post above, this decline did not alarm any analysts or long-term traders, as they believe that XRP is acting according to plan, meaning it set another steady bottom. The expert above goes on to state that Wave 1 in a 5-wave move up is completed (unless wave 5 turns out to be extended). Now, Wave 2 correction will take up towards the next entry zone, and retrace just below the 0.5 fib.
This, he says, is a good partial spot entry if one wants to be on the safe side. If the following bounce that’s coming after a 4-hour bullish divergence is a 3-wave corrective move up, then this will be wave B of Wave 2, and the current leg down was only wave A, and XRP will go lower. In this case, he says he will wait for XRP to retrace deeper into the green box as depicted in the image accompanying the post in wave C, and fully complete an ABC Wave 2 to enter a Long before the strongest Wave 3 starts.
https://twitter.com/CasiTrades/status/2112199719350866403Similarly, another expert adds to the discussion, saying that XRP found support right at the $1.27 target, the local .618 Fib retrace and a key target for Wave 2 in Elliott Wave Theory. Now, it is testing the first local .118 resistance near $1.30. A good initial sign that the bottom may be in. She concludes, saying that XRP could see several tests of $1.27 before the market is ready to move higher.
What she hopes to see is XRP breaking $1.65 resistance and pushing to $2.40 for a sub Wave 3. That would give a strong confirmation that Wave 2 is complete and XRP is pivoting into a macro Wave 3 targeting new ATHs. If the previous low ultimately fails, $1.10 and potentially $0.87 are still on the table. We
