The XRP price is already showing a major recovery trend, thanks to the market turnaround caused by Bitcoin’s rise to new all-time highs. Right now the battle line seems to be around the $3 level where the bears seem to be building their resistance. Despite this, the The price trend of XRP remains extremely bullishespecially from the point of view of wave theory. As the bearish second wave appears to be nearing completion, the onset of the third wave could lead to an explosive rally.
Why wave 3 of 3 is important
Crypto analyst HovWaves has hinted that XRP price could complete the Wave 3 of 3 with the next move. The recent post comes as a follow-up to one analysis that was posted last month and showed how the XRP price was moving, with possible direction points.
In September, the XRP price traded mainly sideways as the bears kept prices below $3. At that point, HovWaves explained that the price could either break out in Wave 3 or 3, or continue trading sideways. Ultimately, the latter became the case, as the market remained subdued.
However, by early October, the tides have quickly changed and the crypto market is seeing a rapid upward trend. So it is possible that this new wave would bring about the bullish Wave 3 of 3. However, the decisive level here is well above $3, and the price would have to break the resistance completely to $3.2 before there is a final confirmation.
XRP price will tear if it closes above $3.2
In the latter analysisHovWaves points out that the XRP price continues to rise, and the only downside the altcoin has seen is its threaded fuses. This is obviously bullish for the cryptocurrency and suggests a continuation of the uptrend.
The key here is actually to get a High Timeframe (HTF) close to $3.25, and the trend would be on the move. This means that the XThe RP price should see a gain of almost 10% from here first to confirm that the second wave has officially come to an end.
By Wave 3 or 3, the XRP price aims to at least double its price. The analyst sets a target of $6.9 as of now, which would represent an upside of more than 100%. A rally to this point would also mark 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 surge is confirmed.
Featured image of Dall.E, chart from TradingView.com
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