XRP bulls are chomping at the bit. An analyst's recent Elliott Wave analysis paints a rosy picture for the cryptocurrency.

Charting Guy says XRP's ready for takeoff. The crypto hit $0.3825 on July 5, marking the end of Wave 2. Now it's Wave 3 time.

This wave could push XRP to $6. That's not chump change.

Other analysts are even more bullish. CryptoBull sees $27 in XRP's future. Cryptobilbuwoo's crystal ball shows $21 to $45.

But hold your horses. A correction's likely after Wave 3. It's not all smooth sailing.

Charting Guy thinks the party could keep going, though. Wave 5 might take XRP to a whopping $22.

Let's not get ahead of ourselves. $8 to $13 is more realistic, he admits.

Mt. Gox is throwing a spanner in the works. They've dumped 52,550 BTC on the market. It's giving XRP a headache.

Ethereum ETFs aren't helping either. They're bleeding money, and it's dragging down the whole crypto market.

But it's not all doom and gloom. XRP's trading volume is through the roof. It's up 21% to $2.07 billion.

Why? People are buzzing about the Ripple vs. SEC case. A win could send XRP to the moon. A loss? Well, let's not think about that.

Right now, XRP's trading at $0.6200. It's up 1.44% in the latest session. Not too shabby.

The charts look decent. There's an upward channel and the 50-day EMA's at $0.5899. That's good news for the bulls.