XRP Potential for a Whopping 5,402% Increase, Targeting $27 Says Market Strategist

EGRAG, a prominent market analyst, recently made a bullish case for XRP, projecting the asset to reach an ambitious $27 based on a complex web of several Elliott waves.

EGRAG’s analysis revolves around two distinct wave patterns within XRP’s price history: a smaller pattern and a bigger pattern. Two small patterns and one bigger pattern have spanned several years.

The first smaller pattern started in 2013 and ended in 2018. Notably, this first smaller pattern comprised Wave 1 of the bigger pattern. Upon completing the first smaller pattern, XRP faced a corrective wave designated A, B, and C. This corrective wave coincided with Wave 2 of the bigger pattern.

The second smaller pattern started in 2021. This second smaller pattern has persisted till now, with XRP currently trading in its Wave 3. Interestingly, XRP is also trading in Wave 3 of the bigger pattern.

Wave 3’s Importance

EGRAG highlighted the importance of Wave 3. According to him, this wave emerges as the dominant force of the price trend. Notably, it surpasses other waves in size and influence.

It often coincides with positive news and prompts fundamental analysts to revise their outlook, propelling XRP’s upward momentum. Prices surge rapidly during this phase, with minor corrections that make entering during a pullback an opportunity often missed.

Interestingly, Wave 3 begins with prevailing pessimism but witnesses a shift as it progresses, with bullish sentiment becoming increasingly popular. Per the analyst, Wave 3 often surpasses Wave 1 by a ratio of 1.618, indicating significant potential for XRP’s future growth.

XRP Within Wave 3

Recall that, as earlier highlighted, XRP trades in Wave 3 of the smaller pattern and Wave 3 of the bigger pattern. Data shows that the asset is expected to hit $6.5 upon completing Wave 3 of the smaller pattern.

However, it would face a temporary retracement shortly after, which would mark Wave 4. Note that amid the completion of the smaller pattern’s Wave 3 and Wave 4, XRP still trades within the bigger pattern’s Wave 3.

A $27 Projection

Upon completing the corrective Wave 4 in the smaller pattern, EGRAG expects XRP to begin Wave 5 of this pattern. The analyst dubs this wave the grand finale. It is important to note that Wave 5 of the smaller pattern still sits within the Wave 3 of the bigger pattern.

EGRAG has set an ambitious projection for XRP when it completes Wave 5 of the smaller pattern. The market watcher projects an ultimate price of $27, which would mark a 5,402% increase from XRP’s current value of $0.4907.

EGRAG’s insights have garnered attention, with investors closely monitoring XRP’s price movements. While the prospect of XRP surging to $27 presents enticing opportunities, it is essential to remember that the markets are volatile, and predictions are not guaranteed.