A crypto trader by the name of Harry shared his Elliott Wave analysis for Ripple (XRP) this morning alongside a warning that traders should take note of the current situation on the remittance token’s charts. In his tweet, the trader added that swing traders might potentially be unable to afford XRP as its price will rise in the coming months.
According to the trader, XRP’s price seems to have completed its bearish wave 2 correction recently. He also added that XRP’s price has been printing a fulcrum/double bottom pattern since June of last year in search of a confirmed wave 2 completion.
The trader then went on to say that XRP’s price has closed above the last 30, 60 and 90 day closes and that hedge funds may start looking at buying XRP at this point. Furthermore, wave 3 is starting and exchange/market maker bias is becoming more correlated to retail holders than it has been for the last few months, according to the trader.
If the trader’s analysis plays out, then traders and investors will have a lot to look forward to as Harry forecasts May will be a good month for XRP holders given the classic bull continuation patterns that are present on XRP’s charts. As a result, the trader believes that XRP’s price will rise to $3, but stated that it will take some time for XRP’s price to reach the $3 mark.
At press time, XRP’s price stands at $0.4764 after slipping 0.60% over the last 24 hours according to CoinMarketCap. Nevertheless, the altcoin’s weekly price performance remains in the green at +1.18%. In addition to weakening against the U.S. Dollar, XRP also slipped 0.44% against BTC and 0.74% against ETH.
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Source: Cryptocurrency - investing.com
