Technical analysts in the cryptocurrency space often utilize various tools to predict future prices. One such tool is Elliott Wave Theory, a technical analysis framework that postulates that market movements occur in specific repetitive patterns.
Recently, prominent crypto analyst EGRAG CRYPTO applied the Elliott Wave Theory to XRP, showing a significant surge in XRP’s near future.
The analyst suggests that XRP started following the Elliott Wave pattern shortly after its launch. Elliott Wave Theory proposes that trends unfold in a five-wave structure, with three waves propelling the price higher (waves 1, 3, and 5) and two corrective waves (waves 2 and 4).
According to EGRAG CRYPTO’s analysis, wave 3 concluded in January 2018, when XRP reached its all-time high of $3.84. Following this, XRP entered Wave 4, lasting until 2020.
EGRAG CRYPTO’s chart shows that XRP is currently in wave 5, the final wave within the Elliott Wave pattern. This wave is often the strongest bull run of the five waves. If EGRAG CRYPTO’s analysis proves accurate, XRP could experience a significant price increase.
XRP’s Potential Target for Wave 5
To assess the potential magnitude of this upswing, EGRAG CRYPTO examines XRP’s market capitalization. Market cap is a metric used to calculate the total value of all outstanding tokens of a cryptocurrency. At its peak, XRP’s market cap surpassed $127 billion according to CoinMarketCap.
EGRAG CRYPTO’s analysis proposes that XRP’s wave 5 could propel the coin to a market cap of $1.7 trillion. This target represents a substantial increase of 13.38x XRP’s all-time high market cap. It is also significantly higher than XRP’s market cap of $26.613 billion at the time of EGRAG CRYPTO’s analysis.
Given XRP’s current circulating supply of approximately 55.6 billion tokens, achieving a $1.7 trillion market cap would mean an asset price of $30.6, slightly above the $27 target EGRAG CRYPTO has set multiple times.
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Is XRP Going to $30?
It is important to acknowledge that Elliott Wave Theory is a predictive tool, and its forecasts should not be interpreted as absolute certainties. The cryptocurrency market is volatile, and unforeseen events can significantly impact price movements.
Despite these reservations, Elliott Wave Theory remains a prevalent analytical tool for crypto analysts. EGRAG CRYPTO’s analysis, while not a definitive forecast, offers an intriguing perspective on XRP’s potential future trajectory. Additionally, XRP recently showed a notable bullish signal, suggesting a massive surge on the horizon.
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