XRP’s bullish momentum targets $6.85 with strong support near $3.15, fueled by active wallets and technical signals. Stay informed with COINOTAG.
What Does Elliott Wave Analysis Reveal About XRP’s $6.85 Target?
Elliott Wave analysis indicates XRP is progressing through Wave 4 consolidation, setting up Wave 5 to potentially reach $6.85. Analyst Dark Defender confirms Waves 1 through 3 are complete, with Wave 4 underway. Breaking resistance levels at $3.07 and $3.61 will confirm the next bullish phase, supported by RSI trends and Fibonacci extensions.
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How Does On-Chain Data Support XRP’s Bullish Outlook?
On-chain metrics from Santiment show a 13% decrease in the average age of XRP holdings, indicating dormant wallets are reactivating. This suggests investors are repositioning rather than selling off, which typically precedes price rallies. The “Age Consumed” spikes further confirm large holders’ portfolio adjustments, reinforcing confidence in XRP’s upward momentum.
Dark Defender’s forecast follows XRP’s recent 46% price increase, highlighting a strong technical foundation for further gains. Traders are closely monitoring resistance near $3.61 as a critical breakout level.
Source: Dark Defender
Why Is Wallet Activity Crucial for XRP’s Price Movement?
Wallet activity is a key indicator of market sentiment and potential price shifts. The recent surge in active XRP wallets, especially those previously dormant, reflects renewed investor interest. This trend often precedes price rallies as coins re-enter circulation and trading volume increases.
What Do Technical Indicators Say About XRP’s Current Support and Resistance?
Technical analysis highlights strong support near $3.15, which has held firm amid recent market fluctuations. Resistance at $3.61 is a pivotal level; a decisive break above it would likely trigger Wave 5’s full bullish momentum. The RSI trend aligns with this outlook, suggesting consolidation before a breakout.
Source: Santiment
| Metric | Value | Comparison |
|---|---|---|
| Average Age of XRP Holdings | Reduced by 91 days | 13% decrease in last month |
| Price Increase | 46% | Recent surge |
| Resistance Level | $3.61 | Key breakout point |
Frequently Asked Questions
What is the Elliott Wave target price for XRP?
The Elliott Wave analysis projects XRP’s Wave 5 could reach $6.85, nearly doubling its current price, following strong technical and on-chain signals.
Why are dormant wallets becoming active again?
Renewed activity in dormant wallets indicates investors are repositioning their holdings, signaling confidence and potential for price growth.
Key Takeaways
- Wave 5 Target: XRP aims for $6.85, signaling a strong bullish phase.
- Wallet Activity: Increased activity in dormant wallets reflects growing investor confidence.
- Technical Signals: Support at $3.15 and resistance at $3.61 are critical for the next breakout.
Conclusion
XRP’s bullish momentum is supported by comprehensive Elliott Wave analysis and robust on-chain data, positioning the asset for a potential surge to $6.85. Active wallets and key technical levels reinforce this outlook, making XRP a focal point for investors seeking growth opportunities. Stay updated with COINOTAG for the latest developments.
Source: https://en.coinotag.com/xrp-shows-potential-for-wave-5-rally-toward-6-85-amid-rising-wallet-activity-and-key-support/