XRP could be in the early stages of a major price rally, according to analyst EGRAG, who has identified a strong similarity between its current Elliott Wave pattern and the price action observed in 2017. Based on this analysis, he believes XRP could reach price levels between $24 and $110.
The analyst’s assessment comes as the asset continues to trade around the $2 mark, facing resistance. He argues that the asset is following a broader five-wave Elliott Wave structure, which typically results in significant price movements. At present, XRP is in the second wave of this pattern, a phase known for volatility and corrections before an anticipated surge in Wave 3.
Elliott Wave Pattern and Price Projections
EGRAG explains that Wave 1 in the current Elliott Wave cycle saw the token rise by approximately 733%. Given standard Elliott Wave extension principles, Wave 3 is expected to extend by 1.618 times the gain of Wave 1. If this projection holds, the token’s price could increase by approximately 1,185%, placing it between $22 and $24.
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Following this, a corrective Wave 4 is anticipated, with retracement levels typically falling between 14.6% and 38.2% of Wave 3’s peak. The most aggressive scenario would see XRP decline to around $8, representing a 65% drop from the projected Wave 3 high.
Wave 5, the final phase of the pattern, could then push XRP’s price significantly higher. EGRAG outlines three methods for estimating its peak. If Wave 5 extends by 1.236% to 1.618% of Wave 4, XRP could reach between $32 and $48. Alternatively, if Wave 5 mirrors the growth of Wave 1, the target shifts to the $60–$70 range. The most speculative projection, based on a 61.8% extension of the combined moves from Waves 1 and 3, suggests a peak as high as $100.
Current Market Position and Potential Breakout
In his analysis, EGRAG also identifies a technical pattern within the current price action, describing it as a “just do it” formation. This pattern, which he compares to the Nike swoosh, suggests an upcoming breakout that could initially propel XRP to $13.
Despite the short-term bearish pressure, he emphasizes that XRP remains within the broader Elliott Wave cycle. He believes the asset is currently forming a potential double bottom, a pattern that typically precedes strong upward movement. If confirmed, this would mark the transition into Wave 3, the most aggressive phase of the cycle.
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Similarities to XRP’s 2017 Rally
EGRAG further supports his prediction by drawing comparisons to XRP’s price action in 2017. He notes that if March 2020 marked the beginning of a new macrocycle, then the structure of the current Elliott Wave pattern aligns closely with the 2017 fractal.
He observes that Wave 1 in the current cycle is similar to its 2017 counterpart, while Wave 2 in 2017 experienced a deeper retracement than the market is currently seeing. If this pattern continues, he projects that Wave 3 should reach $22–$24, which aligns with the historical fractal, where XRP previously peaked between $17 and $20.
Wave 4 in this cycle is expected to follow a similar corrective pattern. The 2017 market saw a more substantial decline during this phase, but in the current scenario, EGRAG considers $8 to be the most likely support level. In a worst-case scenario, he acknowledges the possibility of a drop as low as $3.40.
As for Wave 5, he reiterates that price projections range from $32–$48, $60–$70, and, in the most optimistic scenario, $95–$110.
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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