According to CoinGecko, #XRP is now experiencing a significant price correction, with a 24-hour drop of 2.2% and a seven-day drop of 12.1%, lowering its price to $0.61.
Elliott Wave Theory is a technical analysis method that aims to forecast financial market price movements by finding repeating patterns in market emotion.
It was named for its founder, Ralph Nelson Elliott, who claimed that market prices unfold in five upward impulse waves and three downward corrective waves.
These waves are said to represent market participants' psyche, oscillating between optimism and pessimism.
Notwithstanding the adverse opinion around #XRP , Cobb's projection of a $10 price goal demonstrates his confidence and conviction in the cryptocurrency's future.
Cobb's application of Elliott Wave Theory to the monthly price chart of $XRP has led him to assume that a big upward rise, perhaps bringing the price to new heights, is on the horizon.
Notwithstanding market problems, #Ripple , the firm behind XRP, has made significant advances in growing its ecosystem. Ripple's membership in the International Swaps and Derivatives Association (ISDA) provided a significant boost, enabling access to a vast derivatives market.
Ripple now has over a thousand member institutions from 79 countries, possibly opening up additional opportunities for XRP adoption.
Nevertheless, Ripple's partial triumph against the US Securities and Exchange Commission (SEC) has fueled positive feeling within the XRP community.
Ripple has been able to concentrate on its development activities and build new collaborations with more clarity on XRP's legal standing as "not an investment contract." These improvements, together with the company's technological advancements and partnerships, accelerate the adoption of XRP coins across a variety of use cases.
According to a new research, XRP is at a critical crossroads as it clings to the 50 Exponential Moving Average (EMA) support level. Historically, this level has offered solid support during market downturns, often providing as a springboard for price recovery.
Although present market circumstances are difficult, the dependence on this support level offers XRP aficionados confidence that a possible price rebound is on the horizon.
