Using Elliott Wave Theory, Analyst Predicts 5,335% XRP Rocket Surge to $27. Here’s the Chart

Although XRP has not matched up to a lot of recent bullish predictions for it, EGRAG CRYPTO (@egragcrypto), a prominent analyst in the XRP community, recently posted on X discussing its potential to reach $27, using Elliott Wave Theory as a basis for his analysis.

Understanding Elliott Wave Theory

Elliott Wave Theory is a technical analysis approach to predict future price movements in financial markets. It identifies market sentiment patterns and price trends by dividing them into waves, each with distinct characteristics. Analysts can predict the future of an asset using the recurring long-term patterns shown in the waves.

Read Also: Analyst Lists 3 Events to Cause Another Massive XRP Price Uptrend, Ripple CTO Recently Hinted at Number 3

Wave 3: The Game-Changer

As mentioned in the post, Wave 3 in XRP’s price history was the game-changer in the market’s trend. EGRAG CRYPTO lists some characteristics of Wave 3.

1. A) Wave 3 is dominant, overshadowing other waves in terms of its scale and impact.
2. B) Positive news comes in this wave, leading analysts to reevaluate their perspectives, causing upward momentum.
3. C) Prices experience rapid surges with only minor corrections, making attempts to enter during pullbacks often missed opportunities.
4. D) There is an abundance of pessimistic news at the beginning of Wave 3, but as it progresses, bullish sentiment becomes prevalent.
5. E) Wave 3 extends Wave 1 by a ratio of roughly 1.618, indicating a promising outlook for the asset’s future.

Read Also: Google Bard Predicts When XRP Price Will Hit $5, $20, and $50

Analyzing XRP’s Potential

EGRAG CRYPTO’s post breaks down XRP’s current position within the Elliott Wave Theory in four points.

1. A) The chart he provides shows a green wave. These lines represent XRP’s Grand Cycle from 2013 to 2018 in Wave I and a subsequent correction in Wave II.
2. B) The analyst highlights that XRP is riding a new Wave 1 inside the Grand Cycle’s Wave III. He adds, “Get ready for the ride!”
3. C) XRP has gone through Wave 1 and 2 of the current five-wave sequence successfully and is gearing up for the anticipated Wave 3. He expects XRP to reach the Fib 1.618 mark at $6.5 before a temporary correction.
4. E) He describes the coming Wave 5 as the “Grand Finale,” which could catapult XRP to a minimum of $27.

XRP’s Future

Although this prediction has some skeptics, many in the community are optimistic about the future of their beloved cryptocurrency. This analysis isn’t EGRAG CRYPTO’s first prediction with a $27 target.

If the prediction comes to pass, this would represent a 5,335% surge from its current price of $0.4967.

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