The price of XRP, the native coin of RippleNet, is currently under threat due to a pessimistic crypto market. appears to be conforming to the market’s overall trend, as its current price is below the critical $0.50 level. According to a recent analysis by market analyst Tylie Eric, XRP holders do, in fact, have some hope. The analysis employs a technical signal to predict a potential price increase.
Eric makes the case that the price fluctuations of XRP may be adhering to the , which is a historical pattern. According to this theory, market trends follow a certain five-wave pattern, where each wave corresponds to a different stage of the price cycle.
This five-wave pattern has shown up on XRP’s weekly chart multiple times, according to Eric. Each occurrence of this pattern in the fifth and final wave resulted in a significant price increase, which is rather remarkable.
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BEAT BY BEAT
I think XRP has ticked all the boxes and held all requirements to continue with wave 3 of wave 5,
Same way it did in 2017!
— Tylie E (@TylieEric)
Eric gives the example of early 2017, when XRP reached a high of $0.39—a startling 7,700% increase—after the fifth wave was completed. After this surge, there was a brief period of stability before there was another significant upsurge to $3.30.
A Potential Fifth Wave?
Using this historical precedent as a guide, Eric believes that the fifth wave structure that began to form after the price decrease in 2017 is about complete for XRP. He concluded that all four waves had crested during the past six years, paving the way for a fifth wave that might repeat 2017’s dramatic growth.
XRP is currently trading at $0.48. Chart:
Eric’s bold forecast is rooted in his conviction that there will be a further substantial surge in prices during the fifth wave. According to his graphic, XRP is projected to have a remarkable gain of 7,630% and reach an impressive price objective of $36. This forecast aligns with other analysts’ projections, such the one from CryptoInsightUK, which said that XRP would hit $34 in September of last year.
Eric must satisfy the Elliott Wave structure, a technical hypothesis still under debate among financial experts, if he is to make his prediction. Besides, the $36 price target looks too high. Remember that XRP’s market capitalisation must surpass that of all the other cryptocurrencies combined if it is to attain this value.
Featured image from Getty Images, chart from TradingView
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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