Mr. Xoom, a notable market analyst, believes the ongoing XRP pullback culminates in the completion of Elliott Wave 4. He mentioned this in a recent analysis amid the persistent market collapse. It bears mentioning that the broader crypto market has been in a bearish phase for most of December despite occasional recovery efforts. XRP is one of the victims of this turbulence, unable to transcend the $2 price level since recovering it on Dec. 1 for the first time in seven years. It suffered a pullback after reaching a peak of $2.9 on Dec. 3 and has consolidated since then.XRP About to Complete Wave 4In his recent disclosure, Mr. Xoom says this ongoing bearish consolidation represents the fourth wave of an extensive Elliott Wave structure.For context, his chart shows that XRP completed Wave 1 in September 2024 and traded within Wave 2 from September to November 2024. Meanwhile, the bullish Wave 3 began in early November following Donald Trump's victory in the U.S. presidential election. This Wave 3 ended with XRP's run to $2.9 in early December.XRP 1D Chart | Mr XoomAs the pullback and consolidation ensued, Wave 4 took form. Mr. Xoom believes XRP is about to complete this current wave amid a price drop to the $2.14 region. Once the Wave 4 concludes, the next wave would be a bullish one, which the bulls could leverage to recover the losses from Wave 4.Data from the chart also highlights a descending channel as XRP followed the trajectory of Wave 4. With Wave 4 on the verge of completion, XRP appears to be at the apex of the channel. The start of Wave 5 could trigger a rally that would allow the asset to breach the upper trendline of the channel.Wave 5 Could Push XRP Price to $5Mr. Xoom expects this Wave 5-based rally to push prices to $5, representing a new all-time high and a 133% increase from the current price. However, he insists that this $5 is conservative. Earlier this month, market commentator Vincent Van Code predicted XRP to claim this $5 by February 2025.The current market condition places XRP in a position to record higher gains once the broader market recovers. XRP currently changes hands at $2.14, but its CCI stands at -116.40, indicating possible oversold conditions. The last time XRP's CCI stood at -100 was in early November, when it traded at $0.51.XRP 1D ChartXRP 1D ChartThe current CCI value suggests XRP still has room for more growth, and a 133% increase is a rather feasible goal. However, to overcome the current bearish state, XRP must first breach the 20-day SMA at $2.31 and subsequently push above the upper Bollinger Band ($2.54).
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