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As the XRP price climbs back above the crucial $2 mark, reflecting a 20% surge over the past week, market analysts are increasingly optimistic about the token’s recovery and potential for setting new all-time highs (ATHs).
Expert analyst Maelius recently shared insights on social media platform X (formerly Twitter), suggesting that the current market dynamics support a bullish outlook for the XRP price.
XRP Price Could Target $10 In Conservative Case
Despite the recent price surge, some market participants remain skeptical about XRP’s trajectory. Maelius addressed these concerns, stating, “In a conservative case, I think XRP looks very bullish on higher time frames (HTFs).”
Historically, XRP has shown a pattern of respecting the 50-week Exponential Moving Average (EMA) during bull markets. Recently, the asset touched this EMA and rebounded, reinforcing the belief that it is on a positive trajectory.
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In his social media update, Maelius outlined two scenarios for XRP’s future price movements: a conservative case and a more optimistic base case. In the conservative scenario, Maelius posits that XRP has completed its Wave 3 (W3) of a larger Elliott Wave cycle and is currently finalizing Wave 4. This suggests that XRP could expand into a final Wave 5, targeting $10.
The expert assigns a 35% probability to this conservative case, highlighting that price and Relative Strength Index (RSI) behaviors indicate a potential base formation around current levels before reaching new highs later in the year.
Maelius’s more optimistic scenario suggests that the top of Wave 3 may not have been reached yet. He points out that the accumulation phase for the XRP price has been longer than in previous cycles, indicating that the market may just be taking more time to develop.
In this case, the final W5 could extend into the first or second quarter of the next year, with targets ranging from $15 to $20 or higher.
Can Dominance Translate To Price Gains?
In addition to the XRP pprice analysis, Maelius examined the token’s market dominance, which indicates the token’s share within the broader cryptocurrency market.
The expert noted that while the token’s dominance has been preparing for a final upward move, this does not necessarily correlate with the XRP price reaching new highs.
The dominance metric, seen in the image below shared by Maelious, suggests that while XRP might underperform relative to other altcoins, it still has the potential for significant price appreciation.
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The 1-week RSI for the token’s dominance is currently in an uptrend and resting on horizontal support. If this support level fails, a diagonal support line could provide the next level of defense.
Historically, XRP’s dominance has experienced two major impulses during previous cycles, each reaching notable resistance areas. However, Maelius cautions that the growing size of the market makes it increasingly challenging for any single asset to achieve the same peaks as in prior cycles.
Featured image from DALL-E, chart from TradingView.com
Credit: Source link
