(VOR News) – XRP has become one of the top players in the current bull market due to a significant November jump, changes in the macroeconomic environment, and anticipated legal developments.
The price of the popular alternative cryptocurrency is now experiencing some minor variations as a result of a particularly tumultuous trading week in the bitcoin market. And these changes are happening right now.
A prominent bitcoin expert who has stated his belief in this regard, Egrag Crypto, believes that XRP prices may rise in the near and far future. This remark is accurate even if there is now a great deal of uncertainty around the bitcoin market.
In a bullish situation, XRP should trade between $20 and $66.
In a recent post on X on March 1st, Egrag Crypto used Elliott Wave Theory, a type of technical analysis based on five recurrent wave patterns in market cycles.
This post’s objective was to provide some projections for the XRP market’s future. Egrag claims that Wave 1 of XRP has ended as a result of a 5100 percent price surge in the fourth quarter of 2024.
Wave 2, a corrective pattern marked by an uneven or larger flat structured pattern, is where the second cryptocurrency is currently at. Egrag’s prediction states that the wave might push the price down to about $1.77, during which a bearish trap would form and the price would quickly reverse to between $3.7 and $3.9.
As a result, according to Elliot Wave Theory, XRP is expected to move into Wave 3, which is typically the phase with the most explosive, potent, and parabolic characteristics. Nowadays, the bulk of the time is motivated by a strong sense of optimism.
According to data from Egrag Crypto, Wave 3 is typically 1.618 times larger than Wave 1, meaning that a price increase of 800% to 1,000%—or between $17 and $20—is possible.
XRP would go straight into Wave 4, a phase meant to correct the situation, when Wave 3 was over. This is an appropriate correction that occurs before the eventual price increase, in a way similar to Wave 2. According to Egrag’s calculations, Wave 4 could push the fourth-largest cryptocurrency back into the $6–$7 region.
It should be noted that Wave 5 will begin as soon as the public has access to the latest fix. The Elliot Wave Theory is currently nearing its conclusion, which is marked by bullish enthusiasm and a large volume of fresh investor entry into the market. As of right now, the hypothesis has reached its most developed point.
In the past, price projections for Wave 5 have been erratic; some variations include (inverse 1.238 – I.618 times Wave 4), which has led to a price that varies between $20 and $29. That’s what the analyst says.
A price stop for Wave 4 that is 510% higher than the present price ($6–$7) would be necessary if Wave 5 were to be equal to Wave 1. In light of this, it would seem that $44 might be the achievable target.
Wave 5’s final possibilities are 61.8% of Wave 1 + Wave 3, hence $66 should be the target price for XRP. The source of this data is Egrag Crypto.
This is a forecast for the XRP market.
Over the past 24 hours, the price of XRP has risen by 1.74 percent, and it is presently trading at $2.23.
The daily trade volume activity has decreased by 58.53% and is now valued at $3.29 billion after accounting for all of this. Notwithstanding recent business setbacks, XRP is still seen favourably by the public.
Specifically, there is a lot of hope that the US Securities and Exchange Commission would drop its appeal against Ripple, similar to what happened with Gemini, Coinbase, and Robinhood.
SOURCE: BN
SEE ALSO:
Google Layoffs, Alphabet Offers Voluntary Exit Program
The CFPB Drops Capital One, Rocket Homes, and Other Enforcement Lawsuits.
