XRP could reach 6 dollars as the Wave 2 correction nears completion

Cryptocurrency market analysts predict that XRP may soon rise to 6 dollars as the Wave 2 correction phase, based on Elliott Wave theory, approaches its end, paving the way for a bullish trend. This momentum is supported by strong technical indicators and growing optimism about a possible Ripple ETF approval.

Currently, XRP is trading around 2.08 dollars, fluctuating between key support and resistance levels. According to Casitrades, XRP has shown solid support around the levels of 1.90 and 1.55 dollars in recent weeks. If the price remains above these areas, a reversal and a strong upward move could follow.

A critical resistance level is at 2.24 dollars, corresponding to the Fibonacci retracement of 0.382. Breaking and maintaining above this level could trigger a strong rally towards price targets of 6 $, 9.50 $ e even 12 $, aligning with the Fibonacci extension of 1.618.

Technical indicators also support a bullish outlook. The MACD has given a buy signal, with the MACD line crossing above the signal line and the histogram turning green, indicating increasing buying pressure. The RSI remains in the mid-range, suggesting there is still room for growth if buying momentum continues.

However, short-term volatility remains a concern. Over 55 million XRP have recently been transferred to exchanges, which could create temporary selling pressure. Despite this, the long-term outlook remains optimistic due to technical support and growing anticipation of a Ripple ETF.