Elliott Wave Theory Forecasts XRP Price Of $27 By 2026: Crypto Analyst
October 16 2023 - 8:00AM
NEWSBTC
Renowned crypto analyst Egrag presented a compelling Elliott Wave
analysis on the potential XRP price trajectory in a tweet today.
Drawing attention to the inner workings of the Elliott Wave theory,
he highlighted that XRP has entered Wave 3 in recent days, which in
particular plays a transformative role in determining the course of
asset prices. In Egrag’s words: “XRP aiming to $27 – Wave 1 inside
Wave 3: Diving into the Elliott Wave theory as we explore the
potential for XRP to reach $27! Wave 3 is typically a game-changer
in the Elliott Wave theory.” Elliott Wave Analysis: Wave 3 The
crypto analyst further elaborated that Wave 3 emerges as the
trend’s dominant force, outshining other waves in size and
influence. This stage often witnesses positive news that prompts
fundamental analysts to revise their outlook, giving a boost to
upward momentum. Notably, prices tend to shoot up rapidly during
this phase, with minimal corrections. Investors who try to enter
the market on a pullback often find themselves missing out as the
third wave gains traction. At the outset, pessimistic news might
still dominate, with most market participants maintaining a bearish
stance. However, as Wave 3 unfolds, a significant shift towards
bullish sentiment becomes evident among the majority. Related
Reading: XRP Price Could Get A Boost, Dip In This Bitcoin Metric
Suggests New Rally Deep-diving into the XRP analysis, Egrag points
out that the green wave count reflects the Grand Cycle spanning
from 2014 to 2018. This cycle commenced with Wave 1 and was
succeeded by a corrective Wave 2. “Presently, XRP finds itself
amidst the thrilling currents of Wave 1 within the Grand Cycle’s
Wave 3. Prepare for a fascinating journey ahead!” he noted. He
further elucidated that XRP has adeptly navigated through the
initial waves and is now setting its course for the anticipated
Wave 3, which he predicts will touch the Fibonacci 1.618 mark at
$6.5, followed by a brief correction. The subsequent and concluding
phase, Wave 5, according to Egrag’s analysis, will propel the XRP
price to a staggering $27. A Deep-Dive Into Egrag’s XRP Price Chart
Egrag’s analysis delineates the intricate voyage of the XRP price
through the conceptual lenses of the Elliott Wave theory. The chart
starts its narrative in March 2020, when the subordinate Wave 1
began. This initial phase witnessed XRP escalating to a prominent
peak of $1.96, buoyed by a favorable outcome in Ripple’s legal
battle with the US Securities and Exchange Commission (SEC).
Subsequent to the apex of Wave 1, the chart navigates through a
territory marked by correction, which is dubbed Wave 2. In this
segment, the XRP price experienced a pullback and dropped to a low
of $0.4313. This corrective phase, although incisive, respects the
sanctity of Elliott wave norms by not falling below the initial
point of Wave 1. Related Reading: How Low Can XRP Price Go Before
It Skyrockets To $5? Analyst Forecasts With the transition into the
Wave 3 area, bullish momentum is currently starting to build up.
Egrag, with a combination of analysis and foresight, expects the
XRP price to rise beyond the zenith of Wave 1 and target the
Fibonacci extension of 1.618, valued at around $6.57. This upside,
plotted on Egrag’s chart, is expected to end sometime in 2024 or
2025. Wave 4, as described by Egrag, provides for a corrective move
following the upswing of Wave 3. At this point, the XRP price is
expected to drop heavily and find support at $1.96, which
interestingly mirrors the peak of Wave 1. In Egrag’s chart, Wave 5
emerges as the pinnacle of the bull market. In this decisive phase,
the analyst projects his most audacious forecast for the XRP price
trajectory. Anticipating a monumental bull surge in 2025, he
envisions XRP oscillating between Fibonacci extension levels of
2.272 and 2.414, corresponding to price points of $23.63 and
$31.20. Egrag, averaging the values, subsequently forecasts a price
target of $27 for XRP. At press time, XRP traded at $0.4934.
Featured image from Figma, chart from TradingView.com
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