Elliott Wave Pattern Indicates Ripple (XRP) Might Surge to $13

Renowned market analyst Tony Severino, also called “The Bull,”  has unveiled a captivating analysis of XRP’s potential price trajectory. His findings suggest that XRP could be poised for an extraordinary and historic surge, potentially reaching $13.

Is $XRP a sleeping giant that’s about to awaken? pic.twitter.com/ZzoH8WfIdk

— Tony “The Bull” Severino, CMT (@tonythebullBTC) March 25, 2024

In his analysis, Severino delves deep into a monthly chart, tracing a complex structure of multiple Elliott Wave patterns that have governed XRP’s price movements since 2013. 

While these patterns have dictated the asset’s value at various critical junctures, one is particularly relevant and instructive for the current price action.

A Five-Wave Pattern Reveals an Imminent Breakout for XRP

Severino’s analysis revealed a five-wave pattern traced back to 2013, serving as a roadmap for XRP’s price trajectory over the years. 

According to the Elliott Wave Theory, assets tend to exhibit distinct phases of impulsive moves and corrective pullbacks. Each phase often comprises smaller patterns within a larger central structure.

In this vein, XRP concluded the first wave of the five-wave pattern when it rallied to a high of $0.06144 in December 2013. 

However, the asset encountered stiff resistance and subsequently corrected its gains in a dramatic collapse to a low of $0.00478 in August 2014. This correction phase marked the completion of Wave 2 within the larger pattern.

Significantly, the start of the third wave coincided with XRP’s recovery from this correction. The asset embarked on an extraordinary and near-vertical ascent, skyrocketing an astonishing 69,293% from the $0.00478 low in August 2014 to its all-time high of $3.3170 in January 2018. 

This historic peak represented the culmination of the third wave within the broader five-wave pattern.

As the fourth wave began, the market braced itself for another correction period, as dictated by the Elliott Wave Theory’s alternating cycle of impulsive moves and pullbacks. From a zoomed-out perspective, this correction phase extended for six years, a testament to the intricate nature of the pattern unfolding.

Severino’s chart reveals that during this correction phase, Ripple (XRP) also formed a symmetrical triangle, a technical pattern often preceding a significant breakout or continuation of the prevailing trend.

This formation added an extra layer of complexity to the already intricate Elliott Wave structure governing XRP’s price action.

The fourth wave finally concluded last month when XRP reached a price of $0.5036, marking an 84% drop from its historic all-time high of $3.31. According to Severino’s analysis, this significant correction has set the stage for starting the fifth and final wave within the broader pattern.

Tony the Bull’s $13 Ripple (XRP) Price Projection

As the fifth wave begins to unfold, the chart suggests that Ripple (XRP) is now poised to ride this momentum and break out from the confines of the six-year symmetrical triangle formation.

This breakout is expected to propel XRP beyond its all-time high, ushering in a new phase of price discovery and ascension to higher territories.

While this price discovery phase will likely present its own corrections and upswings, the general projection outlined by Severino’s analysis is a rally to $13.23. This target represents a staggering 1,555% rise from $0.7992, the price at which XRP could breach the symmetrical triangle’s resistance.

Citing this bullish fundamental backdrop, Tony likens XRP to a sleeping giant that is finally stirring and poised to awaken from its slumber. XRP trades today at $0.6218, up 7.81% this month while remaining relatively flat over the past week.