XRP Breaks Above $1 but Elliott Wave Models Clash
XRP has broken back above $1 after weeks of pressure, but there's still disagreement among analysts about its future path. The cryptocurrency rose around 15% overnight to reach roughly $1.15, regaining the psychologically important level.
According to Dark Defender, a bullish wave model suggests that XRP could target $5.8563 and $9.0362, but this projection remains speculative. However, some analysts have expressed caution, pointing out that XRP still needs to clear several resistance levels, including around $1.20-$1.30, $1.50, and $1.88.
Evernorth Trading Data has reported a significant shift in on-chain trading patterns, with about 23% of all XRP transactions now occurring during the London-New York overlap. This change has been attributed to institutional demand, but Evernorth notes that the data cannot confirm whether banks, trading desks, or automated systems are driving this trend.
The disagreement among analysts reflects the uncertainty surrounding XRP's future trajectory, and it remains to be seen which path the cryptocurrency will ultimately take.