How High Will This ‘Elliott Wave’ Impulse Push XRP ?
XRP ($XRP ) has risen 6.2% in the previous week as market sentiment has improved, pushing the token's price above $2.3 for the first time in a month.
The Fear and Greed Index rose from a record low of 15 two weeks ago to 52 this morning, indicating that market participants are less worried about the market.
This helps crypto assets like XRP and has led to repeated bullish breakouts above key moving averages.
Ripple revealed a few days ago that investors and traders may borrow Ripple USD (RLUSD), the project's new stablecoin, over the AAVE protocol.
This is another key move by the blockchain startup to promote its stablecoin and become the dominant decentralized payments network.
According to CoinMarketCap, RLUSD's market valuation has increased 400% in two months from $60 million in early March to approximately $300 million at the time of writing.
XRP Could Rally to $2.5
According to the hourly chart, the price is consolidating while waiting for further liquidity.
Using the current Elliott Wave levels to find resistance and support zones yields two options.
xrp may reach $2.5
The optimistic scenario would see XRP break over the 5 wave at $2.2350, starting a new Elliott wave that might push it to $2.5.
A modest drop toward $2.23 is likely after this strong breakthrough. If that support remains, this bullish situation continues.
After the initial breakthrough, the price might retrace to $2.3 barrier (now support) and then advance to $2.4–$2.5 as the first realistic objective.
In a negative scenario, XRP would decline below $2.12 and reach $2.03–2.06.
The market structure is positive since prices are rising. The bullish scenario has larger probability of both.
Momentum indicators have slowed in recent hours as the market consolidates, and the U.S. session may infuse liquidity for a breakthrough in either direction.