In a recent analysis, crypto expert Egrag Crypto has forecasted a potential rally for XRP, suggesting that the altcoin could reach between $1.5 and $3.1. This prediction is based on an Elliott wave analysis, which outlines the expected price movements of XRP in the coming weeks. According to the results published in the material, the market conditions appear favorable for such a surge.
XRP Analysis by Egrag Crypto
Egrag Crypto's analysis indicates that XRP is currently in Wave 2 of its cycle, with a rally to $1.5 anticipated during Wave 3 and a further increase to $3.1 expected in Wave 5. He emphasized that the current pullback aligns with typical Wave 2 retracements, suggesting that the altcoin remains on track for future gains.
Current Market Position
The analyst pointed out that XRP is still within its macro channel, and there has been no invalidation of the bullish outlook as of yet. For Wave 3 to be confirmed, Egrag Crypto stated that XRP must reclaim the Wave 1 high with a weekly close and show signs of momentum expansion. Until this occurs, he cautioned that the current price action may still be corrective, although he remains optimistic that Wave 3 will commence soon.
Market Performance
As of the latest data from CoinMarketCap, XRP is trading at approximately $1.40, reflecting a decline of over 3% in the past 24 hours, highlighting the volatility that often accompanies altcoin markets.
In a recent analysis, BarriC presented two contrasting scenarios for XRP's price rally, highlighting the differences between retail-driven and utility-driven surges. For more details, see XRP predictions.
