The XRP price is already seeing a major recovery trend, thanks to the market reversal that was triggered by Bitcoin’s rise to new all-time highs. Right now, the battle line looks to be drawn around the $3 level, where bears look to be mounting their resistance. Despite this, the XRP price trend remains extremely bullish, especially from the wave theory point of view. As the bearish second wave looks to be nearing completion, the start of the third wave could lead to an explosive rally.
Why Wave 3 Of 3 Is Important
Crypto analyst HovWaves has pointed out that the XRP price could be looking to fill in the Wave 3 of 3 with the next move. The recent post comes as a follow-up to an analysis that was posted last month, showing how the XRP price had been moving, with possible direction points.
Back in September, the XRP price had been trading mostly sideways as bears kept prices below $3. At that point, HovWaves explained that the price could either break out into Wave 3 of 3 or continue to trade sideways. Eventually, it was the latter as the market remained muted.
However, with the start of October, the tides have quickly changed, and the crypto market is seeing a rapid uptrend. Thus, it is possible that this new wave would bring about the bullish Wave 3 of 3. The decisive level here, though, lies well above $3, and the price would need to completely shatter the resistance straight up to $3.2 for a confirmation to be complete.
XRP Price Will Rip If It Closes Above $3.2
In the latest analysis, HovWaves points out that the XRP price continues to rise upward, and the only downside that the altcoin has seen has been threaded wicks. This is naturally bullish for the cryptocurrency and suggests a continuation to the upside.
The key here is actually getting a High Timeframe (HTF) close above $3.25, and the trend would be in motion. This means that the XRP price needs to notch an almost 10% gain from here first to confirm that the second wave has officially come to an end.
With Wave 3 of 3, the XRP price is looking to at least double its price. The analyst sets a target of $6.9 from here, which would mean an over 100% increase. A rally to this point would also mean a brand-new all-time high for XRP for the first time since 2018. As for the timeline for this, the crypto analyst believes it would happen by the end of the year if the wave is confirmed.
Featured image from Dall.E, chart from TradingView.com
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