XRP Price Set for Explosive Rally to $6 Before Major Crash, Analyst Warns

XRP could be heading for a sharp rally followed by a major market correction, according to a new analysis by More Crypto Online (MCO). The cryptocurrency analyst outlined two Elliott Wave scenarios, suggesting that XRP may soon hit a new high before entering a deep correction phase.

According to the main forecast, known as the yellow scenario, XRP stands at a turning point because it is finishing its five-wave development sequence that started in 2013.

MCO has stated the completion of waves one, two, and three, but wave four is presently forming its triangular structure before the beginning of the final fifth wave. Next, XRP will begin its concluding fifth wave, as per the analysis, which could drive the price range to between $5 and $6.60.

Also Read: UK Cracks Down: No More Credit Cards for Buying Crypto, FCA Declares Ban

Following the termination of its final wave, MCO anticipates XRP plummeting toward the $0.40 to $0.50 support area that previously existed during the fourth wave. The price fall would match previous substantial market downturns, where XRP value dropped from $3.40 to $0.11 during the 2017 peak.

MCO warns that price plunges occur quickly without regard for the bullish rally sentiments that exist when they occur.

Alternative Scenario Suggests Smaller Pullback After Price Surge

Besides the main outlook, an alternative white scenario was also shared. According to this analysis, XRP remains within its fifth wave cycle, which began in 2013, while the present bull market started in 2020.

According to this analysis, XRP exists within a developing wave three structure that will reach its highest point before starting a mandatory year-long fourth wave correction. The projection forecasts XRP to decline substantially after it reaches its peak levels, despite a reduced downward trend.

XRP potentially aims for $6.60 during its approaching price jump, depending on sustained support above $1.20. MCO analysts detected a new five-wave pattern after the April market low. Completion of this pattern would confirm that XRP bottomed on April 7, adding strength to the bullish case.

The crypto market shows a bullish trend, with XRP holding above its lowest point of $2.12, established on Wednesday. A break below the current level would initiate a potential wide-range correction while supporting prices between $1.84 and $2.01.

As XRP approaches what could be its final rally in the current cycle, analysts warn that a dramatic drop could soon follow. With price targets reaching as high as $6, traders are urged to monitor key levels closely as the market nears a critical turning point.

Also Read: 300,000,000 XRP in Two Days? Disturbing Pattern Emerges in XRP On-Chain Metrics

The post XRP Price Set for Explosive Rally to $6 Before Major Crash, Analyst Warns appeared first on 36Crypto.