Cryptocurrency expert Hov has provided a comprehensive outlook for Ripple’s XRP. Hov suggested a potential path to a new all-time high.
What you'll learn 👉
Short-Term Dip Expected Before Major Rally
According to Hov, XRP may experience a dip in the near term. The analyst points to a potential drop to the sub-$0.40 level, with particular emphasis on the $0.35-$0.33 range. This area, Hov notes, holds great confluence and will be a critical level for determining XRP’s overall outlook.
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Hov highlights two potential scenarios as XRP approaches these lower levels:
- Bullish Scenario: If XRP reaches these lows with divergences present, it could signal the completion of a corrective wave C, setting the stage for a bullish reversal.
- Bearish Scenario: Should XRP approach these levels while negating current divergences and increasing volume, it might indicate a larger degree of bearish structure playing out.
The analyst notes that current daily divergences are looking positive, emphasizing the importance of closely monitoring price action as it develops towards the key support level.
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Show more +The Road to New All-Time Highs
Hov’s analysis shows a bullish long-term picture for XRP. However, there is the potential for a short-term dip. The detailed price forecast outlines several key levels and phases:
- Initial Rebound: After the potential dip to $0.35, XRP is expected to reclaim the $0.47 level.
- First Major Surge: Following this reclamation, a major move to $1.15 is anticipated.
- Consolidation and Further Growth: Post $1.5, a mild correction is expected before the price pushes towards $2.2.
- Final Push to All-Time High: After another correction phase, XRP is forecasted to reach a new all-time high of $3.6.
Hov’s analysis provides a detailed route for XRP to hit new all-time highs. While the forecast suggests major upside potential, it also highlights the importance of analyzing the short-term volatility and key support/resistance levels.
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