Crypto analyst Egrag Crypto has provided a bullish outlook for XRP price, predicting it could rise between $24 and $31. The analyst highlighted these price targets based on his Elliot Wave analysis, which showed that XRP could even surge to as high as $40. The analyst behind the âMore Crypto Onlineâ YouTube channel also provided insights into the cryptoâs price action using Wave analysis.
XRP Price Will Rise Between $24 And $31
XRP could rise between $24 and $31 based on Egragâs analysis. The price surge is expected to occur when Wave 5 of the cryptoâs impulsive move to the upside happens. The analyst explained why he was confident that the altcoin would reach double-digits. He stated that Wave 5 typically spans between 1.236 and 1.618% of Wave 4, matches Wave 1, or reaches 61.8% of the combined length of Wave 1 and 3.
Egrag noted that these scenarios push the XRP price beyond the Fibonacci 3 level, $33. Therefore, the altcoin can reach $31 and rise higher.
The crypto analyst also compared XRP to Bitcoin and Ethereum to prove that the altcoinâs potential is on âanother levelâ and that the double-digit target is confirmed. He noted that BTC hit Fib 3 and is now struggling to close three monthly candles above it. In line with this, Egrag claimed that XRP hitting the Fib 3 is âabsolutelyâ within reach in this cycle if the altcoin is in its macro Wave 5.
The analystâs prediction offers a more bullish outlook for XRP. CoinGape reported that expertsâ XRP price prediction is at least $2 in 2025 if BTC rallies to as high as $150,000.
Meanwhile, Egragâs XRP comparison to ETH offered optimism that the former could rise higher than the Fib 3 level. He noted that Ethereumâs price surpassed Fib 3 and surged to Fib 4.272. As such, XRP could enjoy a similar fate and surge beyond BTCâs Fib 3.
XRP Isnât Yet In Macro Wave 5
Egragâs bullish XRP Price prediction rests on the altcoin being in Wave 5. However, the analyst behind the MCO YouTube channel has indicated that the coin isnât yet in Wave 5. Instead, his Elliott Wave chart analysis showed that Wave 3 is still forming and that the impulsive move leading to the breakout is yet to happen.
The analyst claimed that a retest of the support levels between $0.52 and $0.56 would look best in the short term before the Wave 3 move occurs. However, he admitted that the third wave rally might already be happening. He highlighted a diagonal pattern, which suggested that the impulsive move could happen faster than expected.
His chart showed that the third wave rally would take the XRP price to around $0.085, which is still below the psychological $1 price level.
Crypto analyst Dark Defender is confident that the XRP price will hit $1 soon enough. He stated that the altcoin is ready to âtear the last weekly Ichimoku Clouds at $0.6649.â Dark Defender claimed the January 2018 resistance would be eliminated above $1.03.
At the time of writing, XRP is trading at around $0.58, down in the last 24 hours. Trading volume is also down by over 15%, with $937 million traded during this period.
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