Ripple's XRP has maintained its position above the $2 mark, even as the broader cryptocurrency market experiences a cooling-off period. One analyst suggests that the current market structure indicates a significant upward movement is on the horizon for XRP.
Analyst Maelius has presented a long-term Elliott Wave analysis coupled with a momentum chart. He argues that XRP reaching double-digit prices is not an overly ambitious forecast but rather a conservative scenario.
Maelius's chart meticulously tracks XRP's price cycle over several years. His Elliott Wave count places XRP within a larger bullish structure, with the current price dip representing wave IV before an anticipated extended wave V. In essence, he believes XRP is not nearing the end of a cycle but is instead preparing for its final major upward trajectory.
Historically, the periods marked as wave IV on Maelius's chart have been characterized by prolonged consolidation phases, which were subsequently followed by explosive price breakouts. He draws parallels between XRP's price action in 2017–2018, its recovery phase in 2020–2021, and the pattern currently unfolding.
Each instance where XRP entered an extended accumulation zone, the asset subsequently experienced a sharp rally, reaching new price highs. The current trading activity is situated within a comparable accumulation zone, leading the analyst to assert that the setup is repeating itself.
XRP Chart Momentum Signals Strengthening
The lower section of the chart provides an analysis of XRP's volatility and momentum behavior across multiple market cycles.
In both preceding bull cycles, XRP's price exhibited a prolonged period of compressed momentum. This phase was consistently followed by a sudden expansion of momentum just before a major price breakout occurred.
According to Maelius, XRP is currently displaying similar build-up patterns. Momentum has been climbing back into the critical expansion area. This zone mirrors the exact regions that preceded past rallies. The current momentum readings are strikingly similar to those observed during the 2017 breakout period.
He highlights this region in blue on his chart, noting that XRP's price has a tendency to surge upward once momentum successfully breaks out of this band.
Why His XRP $10 Target Is Considered Conservative
Based on his Elliott Wave projection, the forthcoming major wave (V) is anticipated to propel XRP towards the upper limit of its long-term price structure.
Previous cycles saw waves I and III exhibit significant strength. By applying a proportional move based on these past surges to the next leg, the XRP price can realistically reach double-digit figures without necessitating extraordinary or improbable growth.
He views $10 as a baseline target, not an optimistic one. In prior cycles, XRP has exceeded standard Fibonacci levels, suggesting that a move beyond $10 would not be unexpected if wave V follows a similar pattern.