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Mr. Xoom, the cryptocurrency analyst, stated that XRP may be entering the final stage of its current bullish cycle.

Using Elliott Wave Theory, he indicates that XRP is no longer in the third wave, as some traders believe. He sees that XRP has already moved to the fifth wave, which is the final stage of the five-wave pattern.

The third wave was the major breakout.

In his analysis, Mr. Xoom confirmed that the third wave is usually the strongest and longest bullish wave in the cycle. He noted that the price of Ripple had already risen from around $0.50 to $3.39 during this wave, recording a significant increase of 575%.

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For context, this breakout occurred in early November when XRP was last seen at $0.49 and continued to exceed $3 by late January.

After that, the XRP market entered the fourth wave, which is a corrective phase that reinforced the gains before paving the way for the next move. Notably, during this period, the price of XRP lost the $3 level, dropped below $2, and then touched $1.60 in April.

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From this point, the optimists entered, and the price of XRP has significantly increased since then. According to Mr. Xoom's chart, XRP ended the fourth wave at a low of $1.60, to begin the fifth wave.