Veteran trader Peter Schiff has stated that the XRP price is set for a parabolic rally, indicating that the crypto could soon enjoy another leg up just following its break above $1. The trader also explained what needs to happen before XRP can enjoy this parabolic rally.
XRP Price Ready For Parabolic Rally
In an X post, veteran trader Peter Brandt said that the XRP price is ready to rip, indicating that the crypto was set to witness a massive move to the upside. Brandt remarked that a massive coil was building up for XRP.
This coil pattern provides a bullish outlook for XRP, indicating that the crypto will enjoy an explosive move that will align with its fundamentals. XRP’s fundamentals are currently bullish at the moment, thanks to several developments.
This includes the fact that the XRP lawsuit could soon be over once the US Securities and Exchange Commission (SEC) Chair Gary Gensler resigns. It is worth mentioning that there was a recent rally above $1, as Gary Gensler hinted at resignation.
Besides these fundamentals, XRP is also bullish from a technical analysis perspective. Peter Brandt mentioned that XRP has already cleared the 2023 high. This 2023 high came when Judge Aanalisa Torres ruled that the crypto wasn’t a security in itself.
With the 2023 high out of the way, the veteran trader remarked that XRP is ready for take-off once the crypto clears its 2021 high. XRP will need to climb to as high as $1.60 to clear its 2021 high. Once that happens, the parabolic rally could follow, as Peter Brandt suggested.
The trader’s accompanying chart showed that XRP could rally to as high as $9 once the crypto reaches this target. XRP whales could also contribute to this rally as they are actively accumulating. These XRP whales recently bought $526 million worth of coins, with XRP targeting a rally to $7.5 first.
Price Action Based On An Elliot Wave Analysis
In an X post, crypto analyst Dark Defender provided insights into what the XRP price action could look like moving forward based on his Elliot wave analysis. He said that XRP had completed the first wave (of the third wave) at $1.2680. He revealed that wave 2 started with wave A from $1.26 towards $1 and has already happened.
In line with this, he mentioned that wave B has begun, which can lead to a bullish reversal back to $1.26. However, that might not put XRP out of the clear yet as the analyst expects that there will be a corrective wave C.
This wave C could lead to XRP dropping back to $1 again or even below. If this corrective move doesn’t happen, Dark Defender remarked that this means that XRP will break above the $1.33 level and rally to $1.88. A rally to $1.88 is significant as it means that XRP has cleared its 2021 high and will witness that parabolic rally, as Peter Brandt predicted. An XRP rally to $4 is on the cards based on crypto analyst Egrag Crypto’s prediction. The analyst predicted that the crypto could rally to as high as $4 after it crossed the $1 mark.
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