Expert Chartist Says This Wave 3 Trend Can Send XRP Price to $12 or $50. Here’s the Timeline

The excitement that the recently released Hinman emails brought to the XRP community only left little impact on the price of XRP. However, XRP enthusiasts remain optimistic to see a new price level that will make the determined investors smile to the bank in the long run.

In this regard, a popular strategist in the community, Egrag, is calling for a bullish trend for the digital asset with a definite timeline.

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As the price of XRP is back above $0.50 after a downturn initiated by the lawsuits filed by the SEC against Binance and Coinbase, Egrag said the digital asset is currently in the accumulation phase. The analyst stressed that a potential surge to a price region he identified as Valhalla could take XRP to $50.

Egrag made this disclosure after observing the XRP chart on a weekly time frame. He assessed the price movement using a color code indicator on the chart.

Egrag noted:

“A color code signal indicates the path to Valhalla: Currently, we remain in the accumulation zone until we break through the lower yellow region. Conviction is needed for XRP to enter the white area. Until then, a drag is possible until Q1 2024.

According to the chartist, Wave 1 of XRP’s bullish trend would send its price to the $2.8 and $4.6 range. However, after touching the top of Wave 1, a correction to $1 could play out before embarking on a parabolic trend he referred to as Wave 3, which would take its price up to $12 and even $50.

“There’s still potential for XRP to surge towards the low end of the Valhalla region, ranging from $2.8 to $4.6. This move marks Wave 1 on the macro schema and may correct down to $1 before embarking on a massive and challenging journey to initiate Wave 3. Wave 3 tends to be 1.618 times the length of Wave 1, and sometimes even 2.618.

“Projected values for Wave 3: Wave 3 (1.618) = $12. Wave 3 (2.618) = $50.”

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In conclusion, the analyst urged the XRP Army to stay steady and patient. He said with an investment in XRP, a potential for generational wealth is within reach.

At the time of press, XRP is trading at $0.5032, with a relatively 1% price downtrend in the last 24 hours.

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