XRP Journey To $10: Unveiling The Forces That Could Trigger An Upward Momentum
August 07 2023 - 10:00AM
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XRP is currently undergoing a notable price correction, with a
24-hour decline of 2.2% and a seven-day slump of 12.1%, bringing
its price to $0.61 according to CoinGecko. However, amidst
this downturn, prominent crypto YouTuber and XRP analyst, Alex
Cobb, has set an ambitious price target of $10 for the digital
asset, employing the Elliott Wave Theory to analyze its monthly
price chart. Related Reading: PEPE’s Future: Will Prices Of Meme
Coins Continue To Drop? Source: Coingecko Understanding Elliott
Wave Theory Elliott Wave Theory is a technical analysis approach
that seeks to predict price movements in financial markets by
identifying recurring patterns in market sentiment. It is named
after its creator, Ralph Nelson Elliott, who proposed that market
prices unfold in repetitive patterns of five upward waves, called
impulse waves, and three downward corrective waves. These waves are
believed to reflect the psychology of market participants,
alternating between optimism and pessimism. XRP/USD 30-day price
chart. Source: FXstreet/TradingView Amidst the bearish sentiment
surrounding XRP, Cobb’s prediction of a $10 price target showcases
his optimism and faith in the potential of the cryptocurrency.
Cobb’s application of Elliott Wave Theory to the monthly price
chart of XRP has led him to believe that a significant upward
movement is on the horizon, potentially taking the price to
unprecedented levels. Ripple’s Expanding Ecosystem Despite the
current market challenges, Ripple, the company behind XRP, has been
making notable strides in expanding its ecosystem. A major boost
came in the form of Ripple’s membership acquisition in the
International Swaps and Derivatives Association (ISDA), granting
access to a massive derivatives market. This move has
positioned Ripple among over a thousand member institutions from 79
countries, potentially opening new avenues for XRP’s adoption. XRP
market cap at $32.6 billion on the daily chart: TradingView.com
Bullish Sentiment And Recent Developments Meanwhile, Ripple’s
partial victory against the US Securities and Exchange Commission
(SEC) has acted as a catalyst for bullish sentiment within the XRP
community. With more clarity on XRP’s legal status as “not an
investment contract,” Ripple has been able to focus on its
developmental efforts and forge new partnerships. These
developments, coupled with the company’s strides in technology and
collaborations, drive the adoption of XRP tokens across various use
cases. Related Reading: Shiba Inu: More Bite Than Bark Over The
Weekend With Over 15% Jump A recent analysis reveals that XRP finds
itself at a crucial juncture as it clings to the 50 Exponential
Moving Average (EMA) support level. This level has historically
provided strong support during market downturns, often acting as a
springboard for price rebounds. While the current market conditions
are challenging, the reliance on this support level gives hope to
XRP enthusiasts that a potential price recovery might be on the
horizon. (This site’s content should not be construed as investment
advice. Investing involves risk. When you invest, your capital is
subject to risk). Featured image from Crypto News Flash
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