- Bullish XRP traders shares deep insights explaining how new ATHs can be met.
- These new ATH targets have been expected to start at $7.29.
- From here, XRP could pump to $8, $20, and $27.
The crypto market has been in a steady sideways decline ever since the $20 billion liquidation event occurred late last week. Presently, sentiments have been low for altseason and the possibility for altcoins to hit new ATH prices in the coming days. Amid the bearish expectation, one bullish XRP trader shares deep insights explaining how $8, $20, and $27 bull targets can be hit.
Bullish XRP Trader Shares Deep Insights Explaining How New ATHs Will Arrive
The popular altcoin XRP is Ripple’s native crypto asset, and it was one of the most bullish altcoins for the expected altseason. However, with the bearish signals following the liquidation event, several analysts now believe there will not be an altseason this bull cycle. However, one analyst remains adamant that Ripple’s XRP will surge and hit monumental new ATH highs in the weeks ahead.
As we can see from the post above, this analyst goes on to break down why he is still bullish on the altcoin XRP. He begins by talking about the wave 4 pattern, misleading traders into premature selling. He admits that he was previously uncertain about whether we were in wave 2 or wave 4 from an Elliott Wave perspective. However, he now says with a high degree of certainty that we are in wave 4.
In Elliott Wave Theory, wave 4 is a corrective wave that follows the strong movement of wave 3, typically characterized by a period of consolidation or pullback. It usually retraces 23.6% to 38.2% of wave 3, though it can sometimes go as deep as 50%. While wave 4 generally doesn’t end in capitulation, sharp declines can occur if market sentiment shifts to bearish. Historical data indicates that such corrections can mislead traders into prematurely selling, believing a downtrend has begun.
In previous bull markets, like Bitcoin in 2017, Wave 4 corrections were often followed by significant recoveries in wave 5. Ultimately, wave 4 sets the stage for a final bullish push in wave 5, aiding traders in navigating market complexities. Next, he highlights the available data, marking wave 1, 2, 3, and 4 end prices for XRP at $0.92, $0.382, $3.65, and $1.4, respectively.
Expect to See $8, $20, and $27 as New XRP ATH Targets
Lastly, he calculates the length of the wave and predicts wave 5 to hit $7.29. With wave 4 at $1.40, the potential target for wave 5 is approximately $7.29. This reinforces the bullish outlook, suggesting that the $7 – $8 target aligns with the macro secular bullish count. In this scenario, wave 1 represents the current bullish phase, while wave 2 will likely correspond to the upcoming bear market. The next bull market will be characterized by macro wave 3, indicating a super macro bullish trend. Ultimately, he expects to see higher XRP ATH at $8, $20, and $27.
