One crypto analyst has come forward with another incredibly bullish price prediction for the XRP price. This time around, the analyst is going for the double-digit price level, putting the asset’s price at close to $30 at its peak.
Elliot Wave Theory Predicts Over 5,000% Increase
Crypto analyst Egrag Crypto is not new to making predictions about the XRP price. The analyst’s previous predictions have put the altcoin at $1.5, $2, and so on in the past. So the latest price prediction from the pseudonymous crypto analyst is not really out of character.
However, this time around, using the Elliot Wave Theory, Egrag has made a mouthwatering prediction for the XRP price. Taking to X (formerly Twitter) Egrag revealed the reasoning behind the prediction. The first thing was pointing out that the third wave of the Elliot Wave Theory (which consists of five waves) is “a game-changer.”
Explaining further, the analyst tells their over 37,000 followers that the third wave is the most dominant since it often eclipses the previous waves. Also, while bad news will often initially take hold during this wave, it is overshadowed by positive news and the ensuing price rally sees only small corrections.
Analyst's Elliot Wave Theory says XRP will reach $27 | Source: X
Furthermore, the third usually “extends Wave 1 by a ratio of approximately 1.618, painting a promising picture for XRP’s future.” And since the first wave is bullish, an extension in the third wave means a higher surge potential. “#XRP has successfully navigated Wave 1 and Wave 2, now gearing up for the anticipated Wave 3, projected to hit the Fib 1.618 mark at $6.5 before a temporary correction,” Egrag says.
Even more bullish than the third wave is the fifth wave which is the final push of this theory. It is purported to be the largest in terms of how high the XRP price will soar in such a case. As Egrag puts it, “The grand finale, Wave 5, is expected to catapult #XRP to a minimum of $27, reaching for the stars at Fib 2.272 and 2.414!”
XRP loses gains from Monday's reversal | Source: XRPUSD on Tradingview.com
When Will The XRP Price Reach $27?
In the chart shared by the analyst, Egrag shows the XRP price performance through the years. The top of the third wave which Egrag places at $6.5 is shown in the chart to happen sometime in 2024, although with the rally likely starting in 2023.
Then moving forward, there is a dip to the $1.5 territory mapped out by the analyst as the fourth wave of the theory. After this comes the final and grand rally known as the fifth wave. This one which has its stop at $27 is putting somewhere between 2025 and 2026.
Because of the expectation for the XRP price to hit such a high price level in the next two years, Egrag believes that “Investing in #XRP below 0.50c might just be the wisest move for generations to come.”
Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Inside Bitcoins, chart from TradingView.com