The cryptocurrency world is known to some as a field full of constant fluctuating price movements and unpredictable changes. While many altcoins experience large price fluctuations from time to time, some are more affected by these fluctuations. Ripple (XRP) is a cryptocurrency that is frequently discussed and attracts attention. XRP’s recent performance has become a major topic of discussion among market analysts and investors. Although XRP has not lived up to many recent bullish predictions, predictions about the altcoin’s bullish potential keep coming.
EGRAG CRYPTO, one of the leading analysts in the XRP community, predicted that XRP could reach the $27 level in the future based on Elliott Wave Theory. in your estimation found. Elliott Wave Theory is a method used in technical analysis and examines price charts to predict market movements. According to this theory, market movements follow a certain pattern and these patterns can be used to predict future price movements.
As can be seen in the chart above, EGRAG’s analysis revolves around two different wave patterns in XRP’s price history: two smaller patterns (5-wave patterns in white) and a larger pattern (3-wave pattern in green). The first small model started in 2013 and ended in 2018. This first small model forms wave 1 of the larger model.
The second minor model started in 2021. This second minor pattern has continued so far and XRP is currently trading in the 3rd wave of this minor pattern. Interestingly, the altcoin is also trading in wave 3 of the larger pattern.
EGRAG drew attention to the importance of the 3rd wave. According to him, this wave emerged as the dominant force of the price trend, and the 3rd wave in XRP’s price history became the game-changer in the trend of the market. It surpassed other waves, especially in terms of size and impact. This wave often coincides with positive news and prompts fundamental analysts to revise their outlook, increasing XRP’s bullish momentum. Prices rise quickly during this phase and there are minor corrections during the pullback, making entry often a missed opportunity.
According to the analyst, Wave 3 generally outpaces Wave 1 by a rate of 1,618, indicating significant potential for future growth of XRP.
$27 Prediction for Altcoin
The analyst expects XRP to begin the 5th wave of this formation after the completion of the 4th corrective wave in the smaller models. The analyst calls this wave the grand finale. It is worth noting that the 5th wave of the smaller formation is still within the 3rd wave of the larger formation.
EGRAG predicts that upon completion of the 5th wave of the smaller model, XRP will reach $27, representing a 5402% increase from its current value of $0.4907.
However, since the prices of cryptocurrencies are highly volatile, such predictions always involve a degree of uncertainty. Past performance does not guarantee future performance and market conditions may change at any time. Therefore, EGRAG CRYPTO’s forecast should be considered as an analyst’s opinion only and caution should be taken when making investment decisions.
You can follow the current price movement here.
Source : the crypto basic