XRP, currently trading below $0.50, has experienced a significant drop in price due to the bearish trend in the crypto market. Despite this, market analyst Tylie Eric believes that XRP has fulfilled all the necessary conditions for a surge to $36.
Eric points out that XRP has followed a 5 Elliott Wave structure on multiple occasions in the past. Each time this pattern occurred, it to a substantial increase in price. For example, in early 2017, XRP rallied from completing the fifth wave at $03988 to reach a high of $3.31.
Based on historical trends and current price movements, Eric predicts that XRP is on verge of another 5-wave structure and expects it to lead to another significant price increase. He projects an audacious 7,637% upsurge similar to what was seen in early 7.
It’s worth noting that other chartists also anticipate an increase in XRP’s level with some projecting it as high as $34 or even $30.
Currently trading at around $0.4850, XRP’s immediate target is reclaiming and maintaining its position above the $0.50 threshold. This could serve as a launchpad for further gains when the overall market recovers.
Disclaimer: This article provides informational content and should not be considered financial advice. The opinions expressed are those of Tylie Eric and may not reflect those of The Crypto Basic or its affiliates.The readers are advised to conduct thorough research before making any investment decisions.The Crypto Basic shall not be held responsible for any financial losses incurred.