The XRP price continues to see wild fluctuations after a market retrace. The recovery above $3 remains wobbly, especially as it seems that the sellers are yet to completely run out of steam. As a result, there have been some adjustments in the XRP price predictions and suggestions on how high the price can go from here. However, one crypto analyst has remained steadfast in their forecast, predicting that XRP is still on track to hit the $5 target.
XRP Still Shooting For $5 Target Despite Crash
Amid the market decline, the More Crypto Online analyst has reiterated their prediction for the XRP price. This comes at a time when morale seems to be low and investors are wary of placing their bets in the market. However, the crypto analyst has explained that the bullish impulse is still intact for XRP.
It follows the yellow wave retracement, which is wave 4 of the current impulse. This is explained to be the 50% retracement, and this has put support somewhere just above the $2.6 target. With the altcoin now completely what is seemingly the third wave after finding support, it is possible that there is a recovery to the upside.
Currently, bulls look to be holding their own quite well, suggesting that the recent decline was only corrective. According to the crypto analyst, as long as the decline remains as a corrective wave, then there is nothing to be worried about. Otherwise, it could mean the start of a deeper crash.
The completion of the fourth wave suggests that the fifth wave may begin soon. Using the Elliot Wave Theory, the fifth wave is always the most bullish and tends to surpass the highs of the previous bullish waves 1 and 3. This is where the real action begins.
With support mounting at $2.6, this could be the takeoff point for the last leg of the rally, which would ultimately signal the end of the bull market. The XRP price is expected to almost double, putting the highest point of this wave theory at the $5 level. “As long as pullbacks remain corrective and hold above the weekend low, the yellow scenario remains on track,” the analyst said.
However, there is also the possibility that the bullishness could be invalidated from here. This would happen if the bulls are unable to hold the support at $2.6. A break below this level would open the floodgates for an at least 10% crash, with the analyst placing the XRP price as low as $2.21 as a result.
Featured image from Dall.E, chart from TradingView.com
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