XRP Charts Path to $8: A Potential 50% Surge on the Horizon
Despite a recent significant weekend crash, XRP is poised for a strong rebound, with technical analysts forecasting a potential rally that could see its price soar to $8. Experts are closely monitoring XRP's price action, suggesting that its recent bounce from a critical support zone could be the initial phase of a broader bullish trend.
Confirming a Bullish Rebound
Crypto analyst HovWaves' technical analysis on the weekly timeframe points to XRP finding robust support after its recent downturn. This market movement aligns with earlier predictions of XRP revisiting a strong support zone to complete a corrective Elliott Wave cycle (Wave 4). The cryptocurrency demonstrated an impressive over 50% bounce from this crucial support level, situated between $1.50 and $1.90, validating the bullish count and suggesting the commencement of a Wave 5 sub-impulse rally. The timing of this sharp recovery surprised many, given the magnitude of the preceding bearish sentiment.
The Road to $8 and Beyond
The current bullish momentum is expected to propel XRP towards an initial target of $5.50, marking the first significant phase of this anticipated rally. Beyond this, a larger projection aims for XRP to reach $8, completing a higher-degree third impulse wave that originated back in July 2024. This pattern draws parallels with XRP's explosive breakouts in 2017 and early 2021, which saw multi-hundred percent gains. While a brief corrective pullback around the $4.00 mark is anticipated, it would merely serve as a strategic re-accumulation point before the final ascent towards the $8 target, indicating a wave-driven progression rather than a straight-line surge. This optimistic outlook is echoed by other analysts, including CryptOinsightuk, who noted the current price action's strong resemblance to their own bullish forecasts for XRP. Currently trading at approximately $2.40, XRP has experienced a slight dip of 4.4% in the last 24 hours after being rejected around $2.52. Nevertheless, the recent 50% recovery from its weekend lows holds significant implications, potentially fueling the larger upward movement projected by analysts.
