Interest in XRP price action has increased following the strong Elliot Wave analysis. Different analysts are offering varying views on how XRP will fare in the near-term. Major projections suggest that XRP could make significant gains in the near future.
The crypto community is excited by crypto analyst Egrag Crypto’s bold price prediction for XRP. Egrag predicts that XRP could rise to between $24 and $31. This prediction is backed by Egrag’s detailed Elliot Wave analysis, which states that the altcoin could reach levels as high as $40 if it is within Macro Cycle 5. Egrag stated that XRP’s potential to reach these levels is due to its typical Wave 5 behavior. This behavior typically extends between 1.236 and 1.618 times the length of Wave 4. Alternatively, it could align with Wave 1 or make up 61.8% of the combined length of Waves 1 and 3. These calculations suggest that XRP’s value could rise to between $33 Fibonacci levels and thus break above $31.
To support XRP’s potential, Egrag made comparisons to the past performances of Bitcoin and Ethereum. According to his analysis, while BTC is struggling to stay above Fibonacci levels 3, altcoins are likely to break through these barriers, such as Ethereum’s Fib 3 to reach Fib 4.272. This past example could reinforce that XRP is following a similar path.
In contrast to Egrag’s optimistic analysis, another market expert from ‘More Crypto Online’ takes a more cautious approach. This analyst argues that XRP is not yet in macro Wave 5, but rather forming the critical Wave 3. According to him, there is a possibility of a short-term drop between $0.52 and $0.56 to retest support levels before a significant rally. This view emphasizes the complexity and pattern dependencies of Wave 3, while also acknowledging the possibility of this wave rally reaching $0.85.
Different Short-Term Estimates and Projections
Additionally, another analyst, Dark Defender, believes that XRP will soon break the $1 level. With the altcoin approaching critical resistance points, breaking above $0.6649 could pave the way for a move past broader resistance levels supported by historical resistance benchmarks dating back to January 2018.
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