Cryptographic analyzer TradeSides XRP revealed that XRP’s recent collapse to $2 could have ended the second bearish wave. However, the cryptocurrency analyst mentioned factors that could push the impulsive wave 3 to the upside.
XRP price collapse ends with the second bearish wave
In a TradingView ShareTradingSides reported that the XRP price retesting the $2 level could be the end of the second wave in the Elliott wave of the XRP bull cycle. With wave 2 likely over, an impulsive move of wave 3 to the upside will occur any time from now. The cryptocurrency analyst has identified five factors on which this upside potential depends.
First, the analyst pointed to the recent launch of Ripple RLUSD As one of the factors that could drive the wave 3 movement of XRP price. The launch of the stablecoin has undoubtedly provided a bullish outlook for XRP, especially considering how its price soared following the launch of RLUSD on December 17.
Another factor mentioned by the cryptocurrency analyst is Donald Trump’s embrace of altcoins. The US President-elect has already announced his pro-crypto stance and is expected to create a regulatory-friendly environment for these altcoins once and for all He takes office On January 20th. The price of XRP could make significant gains on the back of this event, as Ripple was one of the major cryptocurrency donors to Donald Trump’s campaign and his upcoming inauguration.
XRP market cap currently at $128 billion. Chart: TradingView.com
TradinSides also listed the appointment of crypto proponent Paul Atkins as another factor providing upside potential for the XRP price. The Atkin administration is expected to end the Commission’s regulatory approach through implementation in the cryptocurrency industry.
This could lead to the SEC dropping its appeal against Ripple, another factor mentioned by the cryptocurrency analyst that could provide a significant boost to the price of XRP. Finally, the analyst identified the approval of XRP ETFs as a factor that could push XRP’s third wave to the upside.
Analysis of higher time frames
Posted by X, Cryptocurrency Analyst Perform encryption Provided an in-depth analysis of XRP price based on higher time frames. For the yearly candle, the analyst noted that a close above $1.99 would be a game-changer. He added that the $1.99 target represents the close of the 2017 candle body, and a close above that would be a historic moment for XRP.
While analyzing the six-month chart, Egrag Crypto reported that the price of XRP is now more stable, with lower risks and more stable growth than in the 2017 cycle. XRP is expected to see more sustainable price growth this time around.
For the 3-month chart analysis, Egrag Crypto stated that Relative Strength Index (RSI) In this time frame there is still a lot of room for expansion. He added that the XRP price has already crossed the 70 mark, which is “very bullish,” and that the cryptocurrency still has two more upside targets at 87 and 96.
At the time of writing, the price of XRP is trading at around $2.36, up more than 4% over the past 24 hours, according to Data From Coin Market Cap.
Featured image from The Giving Block, chart from TradingView