XRP Elliott Wave Outlook: Analyst Predicts New Highs Before Major Correction

• Elliott Wave analysis shows XRP still in fifth wave formation from its 2013 lows.
• Analysts have tracked two scenarios with $5-$6.60 price targets for the next high.
• Short-term support is identified at $2.12 with a backup zone between $1.84 and $1.84-$2.01.

Cryptocurrency analyst More Crypto Online (MCO) has shared two potential Elliott Wave scenarios for XRP. Both scenarios suggest another push to new highs before a correction phase begins. The analysis, focused on the 4-day chart, responds to viewer questions about the analyst’s alternative “white scenario” while maintaining the primary “yellow scenario” as the more probable outcome.

According to the primary yellow scenario, XRP is completing a 5-wave move up from its 2013 low. “The yellow scenario would complete with potentially one more high and another rally into all-time high territory,” the analyst explains. This structure would conclude the five waves that began from the 2013 bottom, with waves 1, 2, and 3 already complete, wave 4 forming a triangle pattern, and wave 5 currently in development. 

The completion of this 5-wave structure would likely lead to a substantial correction, which could take XRP back to the previous wave 4 region, around the $0.40-$0.50 range. While some investors might dismiss the possibility of such a deep pullback, MCO reminds viewers that XRP had previously crashed from $3.40 to $0.11 following the 2017 peak. “Never say never in markets,” the analyst cautions, recalling 2021’s bull market when everyone insisted that Bitcoin would never dip below $30,000, but it did. 

Wave Theory Hints at XRP’s Last Big Rally

The other white scenario shows a different vision. In this concept, the market is still in the fifth wave of the rally that began in 2013, but the present bull market started in 2020. Such a pattern would then have a wave one, a wave two, and a developing third wave that could reach another high before a fourth wave correction begins.

This white situation would lead to a smaller correction than the yellow situation, but it would likely still lead to a major pullback that lasts about one year. The analyst stated that this is considered an alternative scenario and is less important in the overall analysis.

Both scenarios predict another high for XRP, with price targets in the $5 to $6.60 range, as long as support at $1.20 holds. For short-term movement, MCO is tracking a potential five-wave structure developing from the April low. This formation needs all five waves to complete to confirm that the wave four correction bottomed on April 7.

In the near term, as long as XRP maintains its position above the recent Wednesday low of $2.12, the outlook stays bullish. However, if this level breaks, a wider B-wave correction could develop, potentially testing the alternative support zone between $1.84 and $2.01.