As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bullish and bearish predictions. However, Egrag Crypto’s analysis on XRP price seems to be a compelling one, given his use of Elliot Wave analysis, which has proven effective in many instances.
Cryptocurrency expert Egrag Crypto anticipates a positive trend for XRP‘s value, estimating it could climb from $24 to $31. This projection is derived from his Elliot Wave analysis, suggesting that XRP might even spike up to $40. The analyst, who runs the ‘More Crypto Online’ YouTube channel, also shared his perspective on XRP’s price fluctuations using Elliot Wave analysis.
XRP Price Will Rise Between $24 And $31
According to Egrag’s analysis, it’s possible that XRP may increase from around $24 up to $31. This growth spike is predicted to take place when the fifth wave of the cryptocurrency’s uptrend occurs. The analyst expressed his optimism about XRP reaching double-digits again. He emphasized that Wave 5 often extends between 1.236 and 1.618 times the length of Wave 4, aligns with Wave 1, or reaches approximately 61.8% of the total length of Wave 1 and 3.
As a researcher, I observed that these specific situations propel the value of XRP past the Fibonacci 3 mark at $33. Consequently, it’s plausible to anticipate a drop to around $31, with potential for further upward movement.
The crypto analyst further evaluated XRP alongside Bitcoin and Ethereum, emphasizing that XRP’s potential surpasses that of other altcoins and a double-digit target has been validated. He pointed out that Bitcoin has encountered difficulties maintaining three consecutive monthly candles above the Fib 3 level. Consequently, Egrag asserted that achieving the Fib 3 level by XRP in this market cycle is quite feasible if it is indeed in its macro Wave 5.
According to the analyst’s forecast, there’s a stronger chance of XRP price increasing significantly. As per CoinGape’s report, experts believe that if Bitcoin reaches $150,000 by 2025, XRP could potentially surge to at least $2.
Currently, Egrag’s comparison of XRP to Ethereum suggests that there’s a possibility for XRP to climb even higher than the predicted Fib 3 level. This is based on Ethereum’s past performance where its price exceeded Fib 3 and reached Fib 4.272. In light of this, it’s plausible that XRP could experience a similar growth and move beyond Bitcoin’s Fib 3.
XRP Isn’t Yet In Macro Wave 5
According to Egrag’s forecast, the upward trend for XRP is based on it being in the final wave (Wave 5). On the other hand, a financial analyst on the MCO YouTube channel suggests that this bullish wave has not yet begun. Instead, he believes that Wave 3, which precedes the final wave, is still developing, and the significant surge that will trigger the breakout is still to come.
The analyst suggests that in the near future, it’s ideal to re-evaluate the price support levels ranging from $0.52 to $0.56 before the anticipated Wave 3 advance takes place. Nevertheless, he acknowledges that the third wave rise might have already commenced. He emphasized a pattern suggesting an abrupt and potentially quicker than expected impulsive move.
The graph indicated that the third surge could push the XRP value up to approximately 0.085 USD, falling short of the psychologically significant $1 mark.
Cryptocurrency expert Dark Protector believes that the price of XRP will reach $1 in the near future. He predicts that the digital coin is poised to break through the final weekly Ichimoku Clouds at approximately $0.6649. According to Dark Protector, the resistance level set in January 2018 will be surpassed if the price goes beyond $1.03.
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2024-09-23 12:36