One crypto analyst has come forward with another incredibly bullish price prediction for the XRP price. This time around, the analyst is going for the double-digit price level, putting the asset’s price at close to $30 at its peak.
Elliot Wave Theory Predicts Over 5,000% Increase
Crypto analyst Egrag Crypto is not new to making predictions about the XRP price. The analyst’s previous predictions have put the altcoin at $1.5, $2, and so on in the past. So the latest price prediction from the pseudonymous crypto analyst is not really out of character.
However, this time around, using the Elliot Wave Theory, Egrag has made a mouthwatering prediction for the XRP price. Taking to X (formerly Twitter) Egrag revealed the reasoning behind the prediction. The first thing was pointing out that the third wave of the Elliot Wave Theory (which consists of five waves) is “a game-changer.”
Explaining further, the analyst tells their over 37,000 followers that the third wave is the most dominant since it often eclipses the previous waves. Also, while bad news will often initially take hold during this wave, it is overshadowed by positive news and the ensuing price rally sees only small corrections.
Analyst's Elliot Wave Theory says XRP will reach $27 | Source: X
Furthermore, the third usually “extends Wave 1 by a ratio of approximately 1.618, painting a promising picture for XRP’s future.” And since the first wave is bullish, an extension in the third wave means a higher surge potential. “#XRP has successfully navigated Wave 1 and Wave 2, now gearing up for the anticipated Wave 3, projected to hit the Fib 1.618 mark at $6.5 before a temporary correction,” Egrag says.
Even more bullish than the third wave is the
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Author: Best Owie
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