XRP has been one of the main characters in the current bull market following an impressive rally in November and certain macroeconomic and potential legal developments. Currently, the prominent altcoin is experiencing some minor price gains after a rather turbulent trading week in the crypto market.
Meanwhile, popular analyst Egrag Crypto has backed XRP’s potential for both short-term and long-term price gains despite the present high level of uncertainty in the crypto market.
Bullish Outlook: XRP Tipped To Reach $20 – $66
In a recent X post on March 1, Egrag Crypto provided some future projections of the XRP market using the Elliott Wave Theory – a technical analysis method based on five repeating wave patterns in market cycles. According to Egrag, XRP has since completed Wave 1 following its 510% price surge in Q4 2024.
Currently, the altcoin is navigating Wave 2, which is usually a corrective pattern defined by an expanded or irregular flat formation. Egrag predicts the wave may result in a price decline to around $1.77 forming a bearish trap before a quick reversal to around $3.7 – $3.9.
Thereafter, XRP is expected to initiate Wave 3 which is usually the most explosive, aggressive, and parabolic phase in the Elliot Wave Theory, fueled by a strong bullish sentiment. Egrag Crypto explains that Wave 3 is typically 1.618 times Wave 1 suggesting a potential 800%-1,000% price surge to $17 – $20.
Following Wave 3, XRP would slip into Wave 4, which is another corrective phase. Similar to Wave 2, this is a healthy correction before the final price surge. Egrag projects that Wave 4 could force the fourth-largest cryptocurrency to return to around $6 -$7.
Finally, Wave 5 will commence after the final correction. This is the last phase of the Elliot Wave Theory and is characterized by a bullish euphoria and high market entry by new investors. According to the analyst, the price targets for Wave 5 have historically varied including (Inverse 1.238 – I.618 times Wave 4) which would result in a price around $20-29.
Alternatively, Wave 5 could also be equal to Wave 1 and produce a 510% on the Wave 4 price stop ($6 – $7) indicating a potential target of around $44. Egrag Crypto states the final possibility of Wave 5 is 61.8% of (Wave 1 plus Wave 3) hinting at an XRP price goal of $66.
XRP Market Outlook
At the time of writing, XRP trades at $2.23 following a 1.74% price increase in the last 24 hours. However, daily trading volume activity has crashed by 58.53% and is now valued at $3.29 billion. Generally, sentiments around XRP remain bullish despite its recent trading woes. In particular, there is high hope that the US Securities and Exchange Commission will drop its appeal case against Ripple following similar actions with Gemini, Coinbase, and Robinhood.
Featured image from Tradeshala, chart from Tradingview
