Mr. Xoom, a well-known market analyst, believes that the ongoing XRP decline will culminate in the completion of Elliott Wave 4.
He mentioned this in a recent analysis amid the ongoing market slump. It’s worth noting that despite occasional recovery efforts, the broader crypto market was in a bearish phase for most of December.
XRP is one of the victims of this turmoil and cannot overcome it the price level of $2 since I got it back on December 1st for the first time in seven years. After hitting a high of $2.9 on December 3, it suffered a decline and has been consolidating ever since.
XRP is about to complete Wave 4
In his most recent DisclosureAccording to Mr. Xoom, this ongoing bearish consolidation represents the fourth wave of an extensive Elliott Wave structure.
For comparison, his chart shows that XRP completed Wave 1 in September 2024 and traded within Wave 2 from September to November 2024. Meanwhile, the bullish wave 3 started in early November following Donald Trump’s victory in the US presidential election. This wave 3 ended with XRP rising to $2.9 in early December.
As the retreat and consolidation followed, Wave 4 took shape. Mr. Xoom believes that XRP will soon complete this current wave given a price decline to the $2.14 region. Once wave 4 ends, the next wave would be bullish, which the bulls could use to recover the losses from wave 4.
The data from the chart also highlights a descending channel as XRP followed the trajectory of wave 4. With wave 4 nearing completion, XRP appears to be at the top of the channel. The start of wave 5 could trigger a rally that would allow the asset to break the upper trendline…
