After weeks of lateral movements, XRP finally managed to break the psychological limit of 3 dollars. According to analyst Egrag, De Munt is at the start of a new upward phase. Both technical signals and fundamental developments seem to speak to the advantage of XRP.
Elliott Wave analysis points to the end of correction
The well-known analyst Egrag bases his optimism on the Elliott Wave theory. This method states that market movements develop in predictable wave patterns, powered by the behavior of investors.
Based on his analysis, Egrag identifies a so-called ‘flat correction’, a classic ABC pattern where the price first drops (A), then temporarily recovers (B), and then drops again (C). According to him, this correction structure has now been completed. This would create space for a new impulse up.
XRP race gets a new momentum by Wave 3
In addition to completing the ABC pattern, Egrag signals a five-part upward golf structure, which usually indicates the start of a new bull market in the Elliott Wave analysis.
The big question is in which Golf XRP is now. If the price is in Wave 3, this may indicate a long -term and powerful rise. If it concerns Wave 5, the increase is still significant, but it may be the final phase of the current cycle.
XRP ETF launch can give course extra support
XRP is also fundamentally getting rugwind. On Thursday, the first Exchange-Traded Fund (ETF) for XRP will be launched: the Rex-Osprey XRP ETF. This hybrid fund combines both spot and futures contracts and offers investors an accessible way to invest in XRP.
According to market connoisseurs, this ETF can ensure an influx of new capital from both institutional and private investors. This in turn can contribute to further price increases.
Source: https://newsbit.nl/xrp-koers-klaar-voor-explosie-analist-ziet-einde-correctie/
