How High Can XRP Still Go This Cycle? Chartist Says $8 Possible
Overview
XRP traders are actively discussing potential price targets following a bullish analysis shared by a popular chartist. The chartist has reiterated a long-term outlook suggesting that XRP could reach a target of $8 in the current cycle, which has sparked further debate among traders.
Analysis of the Situation
The chartist, known as Charting Guy, recently reposted a weekly XRP/USD chart from Bitstamp, emphasizing a bullish long-term setup for XRP. At the time of the analysis, XRP was trading around $2.25, reflecting an approximate increase of 9.8% over the week. The chart employs an Elliott Wave structure that spans from early 2023 and projects a peak in 2026.
The analysis is based on a Fibonacci framework that extends from approximately $0.25 to an identified target of $8.29661. The chart outlines a classic five-wave impulse structure.
- Wave 1 begins with a rally from the post-bear-market base, reaching the 0.618 Fibonacci level near $0.915.
- Wave 2 sees a retracement that lasts for 51 weekly bars, bottoming just above the 0.382 retracement at $0.41315.
- Wave 3 is characterized by a significant rally that surpasses all mid-range Fibonacci levels, extending beyond the 1.0 level at $3.31700.
Following this, the chart indicates a year-long consolidation period labeled as Wave 4, which encompasses 50 weekly bars. During this phase, the price fluctuates between the mid-$2 range and above $3, with the Wave-4 low remaining above the 0.786 Fibonacci support at $1.61246, thereby not revisiting the $1 region.
From this consolidation, the projected Wave 5 is expected to ascend from the current trading zone of $2–$2.30 towards the 1.272 extension at $8.29661. The chart suggests only a modest pullback after reaching this target, indicating it as a probable cap for the current cycle.
The current trading price of XRP oscillates around the 0.888 Fibonacci level, which closely aligns with the latest weekly close. The previous wave-3 region around $3.317 serves as the next significant resistance on the chart.
Despite the bullish sentiment, not all traders share this view. Some express skepticism about the possibility of XRP dropping below $1.50, while others anticipate even higher targets. The chartist has clarified that while a target of $20 is not part of the current trajectory, it remains a possibility.
Impact on the crypto market
- The ongoing discussions among XRP traders highlight the volatility and speculative nature of the cryptocurrency market.
- The bullish outlook shared by a respected chartist may influence trader sentiment and potentially drive buying activity.
- Price targets based on technical analysis, such as Elliott Wave patterns, can lead to increased market speculation and trading volume.
- Divergent opinions among traders about potential price movements underscore the uncertainty and risk associated with cryptocurrency investments.
- The analysis reflects broader market trends where traders seek to identify patterns and make predictions based on historical price movements.
Updated: 11/25/2025, 5:24:53 PM
