Cryptocurrency analyst EGRAG CRYPTO has presented an optimistic outlook for XRP's price potential in the coming market cycle. Through a series of charts comparing XRP to Bitcoin and Ethereum, the analyst suggests XRP could reach double-digit prices and potentially much higher.
XRP Price Forecast
EGRAG CRYPTO's analysis centers on Elliott Wave Theory, which posits that market trends move in repeating wave patterns. According to EGRAG CRYPTO's interpretation, XRP may be entering its 'MACRO Wave 5,' which is typically the final wave of a bullish cycle.
Elliott Wave Theory
Comparing XRP's chart to Bitcoin and Ethereum, the analyst notes that while Bitcoin has reached and struggled to maintain the Fibonacci level 3 extension, Ethereum surpassed this level and reached the 4.272 Fibonacci extension in its last cycle peak. This comparison forms the basis for EGRAG CRYPTO's bullish projections for XRP.
Price Levels and Targets
The analyst presents multiple price targets based on different wave relationships. First of these is a conservative target between $27-$33, representing the Fibonacci 3 extension level. Notably, EGRAG CRYPTO has reiterated the $27 target many times since 2023. This aligns with typical Wave 5 behavior, which, according to EGRAG CRYPTO, often spans 1.236-1.618% of Wave 4. His second target is a more optimistic level of $1,780, which would match Ethereum's performance in reaching the 4.272 Fibonacci extension.
Based on EGRAG CRYPTO's analysis, XRP could outperform Bitcoin in the coming cycle. The analysis also suggests that XRP's Wave 5 could equal Wave 1 or reach 61.8% of the combined length of Waves 1 and 3. It's important to note that while these projections are based on technical analysis and historical comparisons, cryptocurrency markets are volatile and unpredictable. The timeframe for these potential price movements is not explicitly stated, but the analysis looks at a multi-year cycle similar to those observed in Bitcoin and Ethereum. EGRAG CRYPTO concludes with his usual message to token holders, urging them to stay steady.
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