Crypto analyst TradinSides has revealed that the recent XRP crash to $2 could have ended the bearish 2nd wave. With that out of the way, the crypto analyst mentioned the factors that could drive the wave 3 impulsive move to the upside. 

XRP Price Crash Ends Bearish 2nd Wave

In a TradingView post, TradingSides stated that the XRP price retest of the $2 level could be the end of the second wave in the Elliot Wave of XRP’s bullish cycle. With Wave 2 likely done, Wave 3’s impulsive move to the upside will take place anytime from now. The crypto analyst outlined five factors on which this bullish potential is based. 

First, the analyst cited the recent launch of Ripple’s RLUSD as one of the factors that could drive the Wave 3 move for the XRP price. The stablecoin launch has undoubtedly provided a bullish outlook for XRP, especially considering how its price surged following the RLUSD launch on December 17. 

Another factor that the crypto analyst listed is Donald Trump’s embrace of altcoins. The US president-elect has already declared his pro-crypto stance and is expected to create a regulatory-friendly environment for these altcoins once he takes office on January 20. The XRP price could make significant gains on the back of this event, as Ripple was one of the major crypto donors to Donald Trump’s campaign and his incoming inauguration. 

XRP market cap currently at $128 billion. Chart: TradingView.com

TradinSides also listed the appointment of pro-crypto Paul Atkins as another factor that provides bullish potential for the XRP price. Atkin’s administration is expe

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Author: Scott Matherson