Analyst Predicts Strong Rally for Altcoin

• XRP can skyrocket to the $6 price level if the Elliott Wave Theory holds true.
• XRP is undergoing a correctional phase which will be over soon, as per an analyst.
• The altcoin has surged 3% in the 24 hours and eyes $2.5.

XRP, the fourth-largest cryptocurrency in the digital asset space, is expected to carve its bullish path towards the $6 price level during a broader market meltdown. The altcoin rose 3.16% in the past 24 hours and trades at $2.35. It now aims for the third position in the market (held by USDT) with a valuation of $133 billion.

In a post on X (formerly Twitter), crypto analyst “CryptoBull2020” highlighted that XRP could reach $6 as the digital asset is almost finished with its correctional pattern. The analyst predicts a surge soon because the launch of RLUSD stablecoin fuels enthusiasm around the cryptocurrency.

Elliott Wave Theory and XRP’s Fifth Wave

The Elliott Wave Theory used by CryptoBull2020 aligns with XRP’s price movement. The fifth wave often marks a breakout and tends to be the most bullish stage, while the other waves boost momentum. During this phase, any pullbacks are short-lived, which appears to match the current market situation.

XRP jumped 283.68% since December of last year. This performance strengthens the possibility that the fifth wave remains bullish. The trade volume of XRP also climbed 26.54% in the past 24 hours to $26.19 billion, according to CoinMarketCap data.

Read also: XRP Surpasses Bitcoin as South Korea’s Crypto Trading Favorite

XRP Price to $6? Market Factors and Legal Outlook

If Ripple’s technology continues to attract attention and the American fintech firm wins the lawsuit filed by the United States Securities and Exchange Commission (SEC), hitting $6 for XRP is not out of reach. Broader use of RLUSD could also help XRP holders.

The Relative Strength Index (RSI) reads 58.03, suggesting the bulls guide XRP’s price. The RSI line indicates a rebound for the altcoin, and it may reclaim $2.5 soon.