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$XRP currently trades within two Elliott Wave structures, and its ultimate price target would depend on which structure it actually follows.
This comes as the $XRP price recovers above the $1.45 amid a broader market-wide upward push. Notably, after dropping to $1.34 on April 29, $XRP engineered a rebound push which has since taken the price to $1.455 at press time, hinting at possible further upside to new highs.
Key Points
- $XRP has recovered more than 8% from the April 29 lows of $1.34, now on an upward path.
- In this upward path, $XRP trades within two distinct Elliott Wave structures on the weekly chart.
- $XRP’s ultimate target in the upward path depends heavily on which of the Elliott Wave structures it eventually follows.
- The first structure began in June 2022, and Wave 5 could end during this cycle at $14.
- The second structure started in late 2024, and Wave 5 could conclude years later at $42.
$XRP Within Two Elliott Wave Structures Amid Recovery
CryptoInsightUK, a well-known market technician, discussed $XRP’s current position in a recent analysis on the back of the latest recovery push. Specifically, the $XRP price has rebounded alongside the broader crypto market, which has added $200 billion in market cap since the April lows.
Riding on this wave, $XRP has reclaimed the $1.45 mark, up 8.2% from the April 29 low of $1.34. Due to this uptrend, $XRP recorded a 6.13% gain last week, marking its largest weekly rise in two months. Despite a mild 1.08% pullback this new week, $XRP has maintained the $1.45 mark, currently trading for $1.4573.
Interestingly, CryptoInsightUK’s chart shows that, amid the uptrend, $XRP currently trades within two different Elliott Wave structures. According to him, there is the possibility that either of the two structures would guide $XRP’s price action. However, uncertainty remains.
$XRP Targets for Each Structure
For context, the first Elliott Wave structure began after $XRP started recovering from the 2022 bear market lows in June of that year.
Specifically, Wave 1 ended when $XRP hit a high of $0.93 in July 2023, while Wave 2 concluded at a low of $0.3834 in July 2024. Meanwhile, Wave 3 pushed prices to $2.9 by December 2024, and Wave 4 resulted in a pullback to the current position.
If $XRP follows this structure, it is on the verge of entering an impulsive Wave 5 upsurge once the current Wave 4 concludes. Data from the chart shows that this Wave 5 could take $XRP to a range of $12 to $14.5, marking the end of the structure.
However, the second structure began when $XRP rallied from $0.5 in November 2024 to $3.4 by January 2025. This upsurge marked Wave 1. Meanwhile, Wave 2 began as $XRP corrected from the $3.4 peak and has continued till now.
If $XRP is following the second structure, then the anticipated recovery from the current correction would mark its Wave 3 push, potentially leading to $14. However, after this, $XRP could pull back during Wave 4 to just above $5 before rebounding toward $42 in Wave 5.
Essentially, for the short term, $XRP could target $12 to $14 either in Wave 3 or Wave 5, depending on the structure it follows. As a result, CryptoInsightUK confirmed he would likely reduce his exposure once $XRP hits the $8 to $12 range.