A popular cryptocurrency analyst has predicted that the “next stop” for the price of $XRP, the native token of the XRP Ledger, may soon reach the $0.57 mark, which would represent an upside of around 32% from the cryptocurrency’s current price tag of around $0.42.
According to cryptocurrency analyst Tara, XRP’s price rise should line up with a Bitcoin (BTC) price rise that will take the flagship cryptocurrency to the $35,400 mark amid a wider cryptocurrency market movement.
The analyst’s price prediction is seemingly based on Elliott Wave theory, which according to Investopedia was developed by Ralph Nelson Elliott in the 1920s after he observed and identified “recurring, fractal wave patterns.”
These fractal wave patterns are based on the psychology of the masses. The Elliott Wave theory is usually interpreted based on five waves moving in the direction of a main market trend, which can be bullish or bearish, and by three corrective waves. The repetition of these patterns, theory suggests, allows the movements of asset prices to be predicted.
The theory is said to have gained notoriety when Elliott himself predicted the stock market bottom in 1935 after a 13-month correction.
According to the crypto analyst, Wave 3 will take the flagship cryptocurrency to $35,4000 and XRP to $0.57, although her bullish target points to the $0.83 mark, which would nearly double the cryptocurrency’s price.
As CryptoGlobe reported, the number of whales on the XRP Ledger has recently grown, at a time in which large investors have been aggressively accumulating the cryptocurrency, presumably anticipating a favorable outcome in the legal battle between Ripple and the U.S. Securities and Exchange Commission.
According to data from on-chain analytics firm Santiment, first shared by popular cryptocurrency analyst Ali Martinez, there are 50 new whale addresses on the XRP Ledger, holdings between 10 million and 100 million XRP.
Large investors in the cryptocurrency, the analyst added, have accumulated 420 million new tokens worth $155 million over the past month in an accumulation trend that suggests whales are getting ready for a large price movement.
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