Crypto analyst Egrag Crypto has predicted that XRP price could rise to between $24 and $31 based on his Elliot Wave analysis. By Boluwatife Adeyemi 17 hours ago Updated 12 hours ago
Highlights
- XRP price can rise to between $24 and $31 based on Egrag Crypto’s Elliot Wave analysis.
- Egrag stated that XRP could hit this price target in this cycle if the altcoin is already on its macro Wave 5.
- However, another analyst has mentioned that XRP is only just about to enjoy its Wave 3 rally to the upside.
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.
XRP Could Rise To $1,780
Egrag also drew the XRP community’s attention to the bigger picture, predicting that the crypto could rise to as high as $1,780 in the long term. This prediction is based on the XRP price soaring to Fib 4.272, just like Ethereum.
The price target of $1,780 is still below Egrag’s most bullish prediction for XRP. The analyst once shared a conversation he had with a Banker in which they both agreed that the altcoin could reach $2,500 by 2029.