Crypto analyst Egrag Crypto predicts that XRP price could rise to between $24 and $31 based on his Elliott Wave analysis.
Cryptocurrency analyst Egrag Crypto has given a bullish outlook for XRP prices, predicting that its price could rise to between $24 and $31. The analyst highlighted these price targets based on his Elliot Wave analysis, which shows that XRP could even surge to $40. The analyst behind the “More Crypto Online” YouTube channel also provides insights into cryptocurrency price movements using Wave analysis.
XRP price to rise to between $24 and $31
According to Egrag’s analysis, XRP could rise by $24 to $31. The price surge is expected to occur when the fifth wave of the cryptocurrency’s impulsive rise occurs. The analyst explained why he is confident that the altcoin will reach double digits. He said that the fifth wave usually spans 1.236% to 1.618% of the fourth wave, matching the first wave, or reaching 61.8% of the total length of the first and third waves.
Egrag noted that these conditions push the XRP price above the Fibonacci 3 level at $33. Therefore, the altcoin can reach $31 and rise further.
The crypto analyst also compared XRP to Bitcoin and Ethereum to prove that the altcoin’s potential is at “another level” and that the double-digit target is confirmed. He noted that BTC hit Fib 3 and is currently struggling to close above it for the three-month line. In line with this, Egrag claimed that XRP hitting Fib 3 is “absolutely” achievable if the altcoin is in its macro wave 5.
Analysts’ predictions offer a more optimistic outlook for XRP’s future. CoinGape reports that if BTC rises to $150,000, experts expect the altcoin’s price to reach at least $2 by 2025.
Meanwhile, Egrag compares XRP to ETH, optimistic that XRP may rise above the Fib 3 level. He noted that Ethereum’s price surpassed Fib 3, surging to Fib 4.272. Therefore, XRP may enjoy a similar fate and surpass BTC’s Fib 3.
XRP has not yet entered the fifth macro wave
Egrag’s bullish prediction for XRP’s price is based on the altcoin being in wave 5. However, the analyst behind the MCO YouTube channel said that the coin has not yet entered wave 5. Instead, he said that wave 3 is still forming and the impulsive move that led to the breakout has yet to happen.
The analyst claims that a retest of support between $0.52 and $0.56 looks best in the short term before a third wave of movement occurs. However, he acknowledged that a third wave rally may have already occurred. He highlighted a diagonal pattern that suggests an impulsive move could happen faster than expected.
His chart shows that a third wave rally would take XRP prices to around $0.085, still below the psychological $1 level.
Cryptocurrency analyst Dark Defender is confident that XRP price will soon reach $1. He says the altcoin is ready to “break out of last week’s Ichimoku Clouds at $0.6649.” Dark Defender claims that the January 2018 resistance will be cleared above $1.03.
