The XRP price is on the verge of a significant breakout, with a top analyst predicting it could reach between $8 and $30 from its current $1.08 level. Elliott Wave patterns indicate a major rally for Ripple is imminent.
Elliott Wave patterns are a form of technical analysis used to predict market movements based on recurring price patterns that reflect changes in investor sentiment. The theory posits that prices move in a series of waves, typically five in the direction of the trend, followed by three corrective waves.
Crypto analyst identifies key price breakouts for XRP price
According to Armando Pantoja, a self-proclaimed angel investor and crypto investor since 2011, posted to his 28k X followers on November 19, the current patterns in the price of XRP reveal signs that Ripple might be heading back to the ATH of $3.84 recorded on January 04, 2018.
Gensler's exit + Elliot Wave patterns signal a huge $XRP breakout.
Key break points: $1.33 & $1.88.
After $1.88, it’s a clear path back to the ATH of $3.84.
Targets: $8-$30. Last time we saw this setup, #XRP skyrocketed.
Don’t miss it. #XRP #XRPArmy pic.twitter.com/aDOuceBQAH
— Armando Pantoja (@_TallGuyTycoon) November 19, 2024
He further noted that, as we earlier reported, the potential exit of the SEC chair, Gary Gensler, might push the Ripple price up. Recall that Gary has been the face of anti-crypto regulations for years, from which Ripple (XRP) has suffered a tough lawsuit.
He said, “Gensler’s exit + Elliot Wave patterns signal a huge $XRP breakout.”
According to his analysis, the last time the Ripple market saw similar technical trends, the XRP price went as high as $3. Ripple’s (XRP) key breakouts will be $1.33 and $1.88 in the coming price rally. After hitting $1.88, XRP will be poised to return to its all-time high of $3.84.
However, he further suggested that the next targets for the XRP coin would be between $8 and $30, most likely in this ongoing bull cycle. If this were to happen, Ripple would grow approximately 640.74% to around 2676.85% from the current price of $1.08.
RSI indicator shows neutral for Ripple
The price of Ripple has dropped by 4.35% over the last 24 hours, but it is still up 48.16% in the last 7 days and 97.67% over the past month.
Data shows that the Relative Strength Index (RSI) is at 51.6, placing it in the neutral zone (neither overbought nor oversold). This indicates the price has room to move in either direction. A breakout above 60 could strengthen bullish sentiment, while a dip below 40 might suggest bearish control.
Similarly, trading volume decreased by 42.08% at press time, although it still had $5.8 billion 24-hour volume, as expected from a top-5 coin by market cap. A spike in volume would be critical to confirm any breakout, whether upward or downward.
Read more: Ripple News Today: Will XRP Price Surge to ATH Like Bitcoin?
