Altcoin
Will XRP Price Hit $24-$31? Analyst Shares Elliot Wave Insights
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 ‘More Crypto Online’ YouTube channel also provided insights into the crypto’s price action using Wave analysis.
XRP Price Will Rise Between $24 And $31
XRP could rise between $24 and $31 based on Egrag’s analysis. The price surge is expected to occur when Wave 5 of the crypto’s 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 altcoin’s potential is on “another level” 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 “absolutely” within reach in this cycle if the altcoin is in its macro Wave 5.
The analyst’s prediction offers a more bullish outlook for XRP. CoinGape reported that experts’ XRP price prediction is at least $2 in 2025 if BTC rallies to as high as $150,000.
Meanwhile, Egrag’s XRP comparison to ETH offered optimism that the former could rise higher than the Fib 3 level. He noted that Ethereum’s price surpassed Fib 3 and surged to Fib 4.272. As such, XRP could enjoy a similar fate and surge beyond BTC’s Fib 3.
XRP Isn’t Yet In Macro Wave 5
Egrag’s 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 isn’t 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 “tear the last weekly Ichimoku Clouds at $0.6649.” 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.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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