A crypto analyst has noted that XRP has finally broken out of its long consolidation phase, signaling the onset of a major price rally. He further predicts that the XRP price is on the verge of ending an 11-year SuperCycle, which could pave the way for a surge to $3.4 once finalized. 

SuperCycle To Trigger $3.4 Surge 

Skyrexio, a TradingView crypto analyst, has released an XRP price analysis, forecasting a possible increase to $3.4. In the chart analysis, Skyrexio disclosed that XRP has recently broken out of its four-year consolidation period, potentially signaling the start of a bullish uptrend.

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Unsurprisingly, the total duration of the consolidation period coincides with the number of years XRP has been involved in a legal battle with the United States Securities and Exchange Commission (SEC). Following the lawsuit, the XRP price crashed significantly, staying range-bound for years as it struggled with legal and regulatory challenges.

Notably, Skyrexio’s bullish forecast for the XRP price relies on the Elliott Wave Theory, a technical indicator that predicts price movements of an asset by identifying recurrent long-term price patterns. The analyst noted that XRP’s first Elliott Wave began in 2013, almost 11 years ago. After that, the cryptocurrency experienced a price correction, followed by the legendary Wave 3. 

Over the last three years, the price of XRP had been trading sideways, failing to experience gains that would push its price significantly above the $0.5 mark. Skyrexio has revealed that this prolonged sideways movement can be interpreted as a corrective triangle pattern in Wave 4.

The analyst revealed that XRP has successfully broken out of this triangle pattern, signaling the end of its correction phase. He suggests that the cryptocurrency is now in Wave 5, the last wave of its first global SuperCycle.

Based on XRP’s Elliott Wave analysis, Skyrexio has outlined two bullish targets for the XRP price. The analyst forecasts that XRP could rise between $2.5 and $3.8 at the end of this SuperCycle. He emphasized that the higher price target at $3.8 is more likely to be achieved, as historical data shows that in 90% of cases, Wave 5 experiences a higher high than Wave 3.

Concluding his analysis, Skyrexio pointed out key bullish indicators on his price chart, including a bullish reversal bar and green dot at the end of Subway C. He suggested that these bullish signs, appearing on the monthly time frame, are strong indicators of a potential upward move that could drive the XRP price to its final bullish target. 

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Update On XRP Price Dynamics 

The XRP price has achieved a monumental milestone for the first time in years. In just one week, the cryptocurrency rallied by 101.77%, experiencing significant price gains following Donald Trump’s win in the US presidential elections this month. 

Earlier this year, the price of XRP was stuck in the $0.5 range, experiencing slight gains but unable to break past this critical resistance level. Now, the cryptocurrency has doubled its price and is trading above $1, a historic feat that has caught the attention of the broader crypto community. As of writing, XRP has gained another 10.1% and is priced at $1.16, according to CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com

Solana-based meme coin Dogwifhat (WIF) has dropped 7% in the past 24 hours, now trading at $3.54. It currently ranks as the second-largest loser of the day, behind Goatseus Maximus (GOAT), which has plummeted 15% during the same period.

With increasing selling pressure and growing bearish sentiment, WIF risks further declines that could push its price below the $3 threshold.

Dogwifhat Faces Bearish Pressure

BeInCrypto’s assessment of the WIF/USD four-hour chart reveals the bearish bias against the altcoin. The negative reading on its Elder Ray Index indicates that bearish momentum currently outweighs bullish strength among market participants. As of this writing, WIF’s Elder Ray Index stands at -0.22.

The Elder-Ray Index assesses the strength of bullish and bearish pressures in the market. When it falls below zero, it indicates that bear power has overtaken bull power, signifying bearish momentum. This suggests that sellers are dominating the market, pushing prices lower. In such scenarios, traders interpret the negative value as a warning of potential continued downtrends or selling pressure.

Additionally, WIF’s Relative Strength Index (RSI) indicates declining buying pressure. The RSI, which gauges overbought and oversold conditions, ranges from 0 to 100. Readings above 70 signal that an asset is overbought and may face a correction, while values below 30 indicate it is oversold and could see a rebound.

Currently, WIF’s RSI sits below the 50-neutral line at 44.80, reflecting weakened bullish momentum.

WIF Price Prediction: The Sub-$3 May Be At Hand

WIF is currently trading at $3.46, hovering just above its support level of $3.35. If the ongoing downtrend continues, the meme coin is likely to test this support. A breach at $3.35 could lead to a further drop to $3, with the possibility of declining to $2.57 if selling pressure intensifies.

However, this bearish outlook could be reversed if WIF experiences a surge in new demand, which could drive its price upward toward $4.19.

The 4-hour PEPE price chart has formed a bullish pattern, suggesting that the meme coin’s price could be ready to hit a new peak. At press time, PEPE’s price is $0.000021, 17% down from the all-time high it reached on November 14.

As a result, 1% of the token’s holders are in the red zone, while 7% are at the breakeven point. This on-chain analysis reveals how PEPE’s price action could return all these holders to profits.

Pepe Technical Pattern Siginifies Recovery

Analysis of the 4-hour timeframe shows that the PEPE price chart has formed a bull flag.  A bull flag is a continuation pattern indicating that a cryptocurrency’s price is likely to resume its upward trend following a brief consolidation.

The pattern consists of the “flagpole,” which represents the price increase period. It is then followed by the “flag,” indicating the consolidation phase, and the breakout, which occurs after the price rises above the resistance line.

As seen below, PEPE’s price is on the verge of breaking out of the $0.000021 region. Once validated, this bull flag formation could lead to a notable rise above the all-time high of $0.000025.

This prediction also aligns with the position of the Global In/Out of Money (GIOM). The Global GIOM indicator groups all wallet addresses into clusters based on the price ranges at which they previously acquired their holdings. 

Larger clusters indicate stronger support or resistance levels at those price points, as they represent areas where many investors are positioned. According to IntoTheBlock, only 3,940 addresses hold 2.76 trillion tokens, and accumulated around $0.000023 are out of the money.

Considering the weak resistance and strong support, PEPE’s price might increase. In short, the on-chain indicator suggests that the meme coin’s value might rise as high as $0.000041.

PEPE Price Prediction: First Target at $0.000032

On the daily PEPE price chart,  the token seems to have followed a similar movement to its  250% hike around  March. At that time, the frog-themed meme coin broke out of a descending channel.

Between September 29 and the first week in November, PEPE traded within a descending channel. While it has since broken out, the image above shows that the meme coin’s value could climb higher.

If this happens, then the value might rise toward 0.000032, possibly hitting $0.000041. On the other hand, if selling pressure rises, this might not happen. Instead, PEPE could decline below $0.000015.