Several crypto analysts recently issued bullish forecasts for XRP, with some predicting a surge as high as $40. This article summarizes their analyses and price targets.
Egrag Crypto’s Elliott Wave Analysis
Crypto analyst Egrag Crypto conducted an Elliott Wave analysis on XRP. He forecasts a price rise between $24 and $31, potentially reaching $40. Egrag believes this increase will occur during the fifth wave of XRP’s upward movement. He expects the price to surpass the Fibonacci level of $33.
Egrag draws parallels between XRP’s potential and Ethereum’s previous bull cycle. In that cycle, Ethereum exceeded expectations and surged past the Fibonacci 4.272 level. He argues that if XRP mirrors Ethereum’s movements, it could experience a dramatic rise in value. However, this scenario remains speculative and depends on long-term macro trends.
Dark Defender’s Third Wave Prediction
Another crypto analyst, Dark Defender, projects a highly bullish future for XRP using the Elliott Wave Theory. He anticipates a potential surge to $18.22 during what he expects to be the third wave of a major bullish cycle.
Dark Defender backs his analysis with a detailed review of XRP’s price movements and key support levels. He notes that XRP has completed its first and second waves. The consolidation phase between $0.6649 and $0.3917 ended the corrective phase, setting the stage for the anticipated third wave.
More Crypto Online’s Short-Term Outlook
An analyst from the ‘More Crypto Online’ YouTube channel offers a different perspective. He suggests that XRP is not yet in the fifth wave since the third wave is still forming. He believes retesting support levels between $0.52 and $0.56 would be healthier in the short term.
This analyst identifies a diagonal model indicating that XRP could reach $0.85, which remains below the psychological threshold of $1. Thus, this situation implies that the third wave rally is not yet complete.
Consensus on Price Fluctuations
Analysts generally agree that XRP could experience significant price increases soon. Elliott Wave analysis and technical indicators suggest that the altcoin has the potential to break through crucial resistance levels.
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Investors should closely monitor XRP’s market movements to prepare for possible price fluctuations. While forecasts remain bullish, conducting thorough research and considering risks is essential before making any investment decisions.
