Chetan Gurjar (@chetangurjar642), a self-described macro technical analyst, recently delved into XRP’s potential trajectory, suggesting that the digital asset is on the verge of a massive rally. Gurjar’s projection, based on Elliott Wave Theory, indicates that XRP might reach a two-digit valuation in its next macrocycle.
Gurjar shared his analysis on X, dividing the digital asset’s price history into distinct macrocycles. These cycles align with the principles of Elliott Wave Theory, which posits that market prices move in repetitive patterns or waves.
a macro #XRP chart i made for one of my clients… personally not having any $XRP now..
but $XRP’s macro structure looks really really impressive tbh…
5 waves up extension in 2014 – 2017 run = macro cycle WAVE 1…
then a multi-week/multi-month sideways ABCDE structure in a… pic.twitter.com/q4FKW0PKF4
— CHETAN GURJAR (@chetangurjar642) September 29, 2024
Wave 1: The Initial Ascent (2014-2018)
The first Macro Cycle, termed “Wave 1” by Gurjar, encompassed the bull run from 2014 to 2017. During this period, XRP experienced a substantial price appreciation.
Its starting price in June 2014 was $0.00403, and it soared to its all-time high of $3.84 in January 2018. This initial wave demonstrated a five-wave impulsive move upward, setting the stage for subsequent market phases.
Wave 2: Extended Consolidation (2018-Present)
Following the completion of Wave 1, XRP entered an extended corrective phase, which Gurjar identifies as “Wave 2.” This phase is characterized by an ABCDE structure, typical in Elliott Wave Theory for corrective waves. XRP also formed a notable symmetrical triangle pattern, with multi-year sideways trading between support and resistance levels.
The prolonged nature of Wave 2 has been noted by various market analysts, who interpret it as a period of market indecision and preparation for the next significant move. Another prominent crypto analyst described XRP as a sleeping giant using the same Elliott Wave Theory analysis.
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Wave 3 and the Potential for Explosive Growth
Gurjar’s analysis suggests that XRP may be approaching the end of Wave 2, potentially setting the stage for “Wave 3.” In Elliott Wave Theory, the third wave is often associated with the most dramatic price movements.
Key points of this projection include a potential breakout from the current triangle pattern, a projected price target of $12.75, based on the Fibonacci 1.618 level, and an expectation of strong upward momentum as market recognition grows.
XRP is currently trading at $0.5299, down 1.94% over the past 24 hours, still unable to reclaim the losses following the recent appeal filed by the U.S. Securities and Exchange Commission (SEC).
Despite the digital asset’s struggles, many of the top analysts in the crypto world are confident that the lawsuit will not hold the digital asset down, and expect massive surges soon.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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