Crypto analyst Egrag Crypto forecasts that the price of XRP could rise between $24 and $31. Based on Elliott Wave analysis, this projection suggests that XRP might even soar to $40.
Contents
Elliott Wave Analysis and XRP’s Potential
Comparison of XRP, Bitcoin, and Ethereum
Elliott Wave Analysis and XRP’s Potential
The analyst indicated that this price increase would occur during the fifth wave of XRP’s upward movement. Egrag Crypto noted that in this scenario, the price of the
altcoin
could surpass the Fibonacci level of $33.
Egrag believes that XRP’s potential lies at another level, confirming the target of double-digit prices. He also mentioned that Bitcoin
$
63,222
reached the Fibonacci level but struggled to close a monthly candle above it. The analyst argued that it is “definitely” possible for XRP to reach the Fibonacci level in this cycle.
Comparison of XRP, Bitcoin, and Ethereum
Citing Ethereum
$
2,643
‘s price surpassing the Fibonacci level and rising to level 4.272, the analyst suggested that XRP could experience a similar increase. He pointed out that XRP has the potential to exceed Bitcoin’s Fibonacci level.
On the other hand, an analyst from the ‘More Crypto Online’ YouTube channel stated that XRP is not yet in the fifth wave, as the third wave is still forming. He suggested that retesting support levels between $0.52 and $0.56 would be healthier in the short term, adding that the third wave rally could occur more quickly than expected.
The analyst identified a diagonal model indicating that XRP could reach the price level of $0.85, which remains below the psychological threshold of $1. This situation suggests that the third wave rally is not yet complete.
Another
crypto
analyst, Dark Defender, is confident that XRP’s price will soon reach $1. He noted that the recent weekly Ichimoku Clouds at the level of $0.6649 are ready to break, asserting that the altcoin is poised for a breakout. He also claimed that the resistance above $1.03 from January 2018 will be surpassed.
The consensus among analysts is that XRP could experience significant price increases in the near future. Elliott Wave analysis and technical indicators suggest the altcoin has the potential to break through important resistance levels. Investors should closely monitor XRP’s market movements to prepare for possible price fluctuations.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Experts Foresee XRP Value Surging to 40
