A cryptocurrency analyst noticed this XRP he finally snapped out of it long consolidation phasesignaling the beginning of a major price escalate. He further predicts that the XRP price is close to ending its 11-year period Supercyclewhich, once finalized, could pave the way for an escalate to $3.4.

SuperCycle will trigger an escalate of $3.4

Skyrexio, TradingView’s cryptocurrency analyst, yes released some XRP price analysisforecasting a possible escalate to USD 3.4. In a chart analysis, Skyrexio revealed that XRP recently broke out of a four-year consolidation period, potentially signaling the beginning of bullish growth trend.

It is therefore not surprising that the total duration of the consolidation period coincides with the number of years XRP took part in a legal battle with the US Securities and Exchange Commission (SEC). Following the lawsuit, the price of XRP dropped significantly and remained there circumscribed in scope has faced legal and regulatory challenges over the years.

It is worth noting that Skyrexio’s bullish XRP price forecast is based on Elliott wave theorya technical indicator that predicts asset price movements by identifying recurring long-term price patterns. The analyst noted that the first Elliott XRP wave started in 2013, almost 11 years ago. The cryptocurrency then experienced a price correction, followed by the legendary Wave 3.

In the last three years XRP price was traded in a sideways trend, not achieving profits that would push its price significantly above the level of $0.50. Skyrexio revealed that yes prolonged sideways movement can be interpreted as a corrective triangle pattern in Wave 4.

The analyst revealed it XRP has successfully broken out this triangular pattern, signaling the end of the correction phase. It suggests that the cryptocurrency is currently in Wave 5, the final wave of its first global SuperCycle.

Based on XRP Elliott Wave analysis, Skyrexio has outlined two bullish targets for the XRP price. The analyst predicts that XRP could rise between $2.50 and $3.80 by the end of this Supercycle. He stressed that a higher price target of $3.8 is more likely because historical data shows Wave 5 outperforms Wave 3 90% of the time.

Concluding his analysis, Skyrexio pointed to key bullish indicators on his price chart, including the bullish reversal bar and the green dot at the end of Metro C. He suggested that these bullish signs appearing on the monthly time frame are powerful indicators of a potential upward move that could bring the XRP price to its final level stubborn goal.

XRP price dynamics update

The price of XRP has reached a monumental milestone for the first time in years. In just one week, the cryptocurrency increased by 101.77%, experiencing significant price gains after Donald Trump’s victory in US presidential elections this month.

Earlier this year, the XRP price was stuck in the $0.50 range, making tiny gains but unable to break this critical resistance level. Now the cryptocurrency has doubled its price and is quoted above $1a historic feat that caught the attention of the broader crypto community. According to CoinMarketCap, as of this writing, XRP has gained another 10.1% and is trading at $1.16.

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