XRP, Elliott Wave rally kicks off... If it breaks through, '$9' opens up

▲ XRP, Whale/AI generated image

XRP is showing signs of breaking through the upper boundary of a long-term symmetrical triangle pattern and entering a full-fledged 3rd wave rally according to Elliott Wave theory. A groundbreaking price prediction suggests that if it successfully breaks through the upper resistance line, it could surge vertically past $5 to as high as the $9 mark.

According to crypto media outlet The Crypto Basic on October 1 (local time), virtual asset trader and YouTuber Freedom By 40 analyzed Bitstamp's weekly chart and predicted that XRP could rise to the $5 to $9 range. The analyst combined Elliott Wave theory, Fibonacci retracement levels, and long-term trend lines spanning several years to present the technical path for this upward cycle.

The analyst stated, "I think XRP is heading towards $9," and assessed that the massive multi-year bottoming phase on the long-term chart is nearing its completion. They explained that a strong momentum could be triggered as it breaks upwards through the multi-year downtrend line and convergence pattern that followed its all-time high in 2018. According to Elliott Wave theory, the 3rd wave typically produces the longest and most explosive surge within the overall upward phase.

Fibonacci extension ratios were also cited as key evidence supporting the possibility of reaching the $5 to $9 range. The primary Fibonacci extension targets, 1.618 and 2.618, are located at these price points, suggesting that once the initial resistance of the previous high is surpassed, it could rapidly approach the target price in a vacuum of selling pressure. The fact that explosive price surges of several hundred percent followed large convergence breakouts in past cycles is also raising expectations among market participants.

However, for a full-fledged $9 rally to unfold, short-term volatility and the previous high's supply zone must first be absorbed. The analyst pointed out that a strong trading volume accompanied by a firm weekly candle close above the major resistance line would be the signal for a major bull market.

[Key Article Summary]

-Virtual asset analyst Freedom By 40 predicted XRP to reach $9 based on Elliott Wave theory.

-The $5 to $9 range was presented as a key target, along with the breakout of a multi-year long-term symmetrical triangle.

-Fibonacci extension ratios and the entry into an explosive 3rd wave are considered key turning points for the future rally.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*