XRP price prediction: How high will this Elliott Waves push the price of XRP?

XRP (XRP) has increased by 6.2% in the past week as market sentiment has significantly improved in a relatively short time, pushing the price of this token up to $2.30 for the first time in about a month. The Fear and Greed Index has recovered from a record low of 15 recorded a few weeks ago to a level of 52 as of this morning, which means that market participants are currently less concerned about the state of the market.

This supports the bullish outlook for cryptocurrency assets including XRP and has translated into multiple bullish breakthroughs on major moving averages. Just a few days ago, Ripple announced that investors and traders can now borrow Ripple USD (RLUSD) – the new stablecoin of the project – through the popular AAVE protocol. This is another important step for the blockchain company to promote the adoption of its stablecoin in order to achieve its mission of becoming the leading decentralized payment platform. Data from CoinMarketCap shows that the market capitalization of RLUSD has increased from around $60 million at the beginning of March to nearly $300 million at the time of writing, resulting in a 400% increase in just two months. Higher demand for RLUSD means higher transaction volumes on the Ripple network and greater demand for XRP – the blockchain utility token. Meanwhile, the recent price movement of XRP indicates that the latest Elliott wave has completed. XRP may continue to rise to $2.5 in this scenario. The hourly chart shows that the price has entered a consolidation phase while waiting for additional liquidity to trigger the next move. Several scenarios arise when using the latest Elliott wave levels as a reference to identify important resistance and support areas to monitor. The bullish scenario will see the price surpass the 5th wave, at $2.2350, and trigger the beginning of a new Elliott wave that could push XRP to $2.5 in the near future. A brief pullback to the $2.23 level is to be expected after this bullish breakout. As long as that support level holds, this bullish scenario will remain intact. After the first breakthrough, the price may return to the resistance level of 2.3 dollars (which is currently the support level) and then move towards the level of 2.4 dollars – 2.5 dollars as the first feasible target. Meanwhile, a bearish scenario will cause XRP to drop below the support level of $2.12 and decrease to around $2.03 - $2.06 in the near future. The market structure is currently bullish as prices are trending upwards. Therefore, the bullish scenario has a higher probability for both cases. Momentum indicators have cooled off in recent hours as the market enters a consolidation phase, with the upcoming trading session in the United States likely to provide the necessary liquidity for a breakout — in either direction.