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With the XRP price struggling to break out of consolidation, there is still a lot left for the altcoin to do before a definite uptrend can be registered. So far, it seems that the XRP price has already made its way through multiple support levels. However, a wave count is yet to begin that could send the altcoin soaring, according to an XRP analyst. This could mean that the cryptocurrency has more upside to come, especially as the market is expected to usher in an altcoin season.
5 Wave Counts Coming For XRP Price
Crypto analyst Dark Defender took to X (formerly Twitter) to expound upon where the XRP price could be headed next. This comes after a retest of the $2.22 level and the eventual rejection from this level. The result of this is a bearish retest of the support at $2.13, a level that could be the defining moment for the bears. Nevertheless, bullish expectations are still rampant and Dark Defender has revealed how this could play out for the XRP price.
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As the altcoin is expected to move through five waves, the first of these waves is naturally expected to be bullish. The crypto analyst says the XRP price correction is now nearing its end and this could mean the start of this first wave. This wave, if it plays out correctly, could push the price to $2.8 in the first instance.
On the next wave, the price is expected to correct sharply, triggering an almost 20% crash and pushing toward $2.3. However, with the third wave being more bullish than the first, another bounce would set XRP on a path above $4. In this instance, the XRP price would’ve reached a brand-new all-time high, with the expectation of beating its 2017 high of $3.8.
Next is the fourth bearish wave and this would push the price back below $4 again, but not for long. Once the fifth and final wave is underway, it is expected to push the price even higher. For this wave, the crypto analyst sees the XRP price rising as high as $6.3 for the final leg-up.
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Interestingly, all of this is expected to happen in the short-term, which means sometime in 2025. The shared chart shows a completion of the five waves by December 2025, giving only seven months for all of this to play out and reach above $6.
However, there is still the possibility of invalidation, especially as support for the first wave is expected at $1.88. A break below this level could trigger further downside and lead to the complete breakdown of the XRP price.
Featured image from Dall.E, chart from TradingView.com
