Analyst Egrag Crypto expressed optimistic views about XRP in an X post on Friday, asserting that it could reach between $27 and $33 and may trade in the double digits. This forecast is made based on the current state of cryptocurrency in the macro wave cycle. As stated by the analyst, if the trend remains the same as in the previous years, XRP may skyrocket beyond the previous Fibonacci levels.
#XRP Double-Digits Target: $27 – $33 🚀
— EGRAG CRYPTO (@egragcrypto) September 20, 2024
Let's break down Wave 5️⃣: Typically, Wave 5 spans between 1.236 – 1.618% of Wave 4️⃣, matches Wave 1️⃣, or reaches 61.8% of the combined length of Waves 1️⃣ and 3️⃣. All these scenarios push us well BEYOND Fib 3️⃣! 💥
In comparison with #BTC… pic.twitter.com/zXmOd7R010
Wave 5 Analysis
Egrag analysis is based on understanding Wave 5 of XRP’s market cycle. According to the technical analysis, Wave 5 normally measures between 1.236% and 1.618% of Wave 4’s length. This corresponds to the first wave or 61.8% of the total length of Waves 1 and 3.
In any of these scenarios, XRP would trek past Fibonacci level 3, a critical reference level in chart analysis. This is because XRP is currently in its macro Wave 5, a stage many technical analysts consider the last bullish wave in a certain cycle. As of press time, XRP is trading at $0.5857, showing a 0.52% increase over the past day.
XRP vs. Bitcoin
Comparing XRP with Bitcoin (BTC) indicates that XRP is rising. Bitcoin attained Fibonacci level 3 but has not managed to close three consecutive monthly candlesticks above this level. XRP, now in its Wave 5, could surpass this level in the current market cycle, and therefore, $33 could be achieved.
XRP’s 2,650-Day Uptrend Signals Strong Bullish PotentialMoving away from Bitcoin, Egrag explained the Ethereum (ETH) market. Ethereum has gone above Fibonacci level 3 and moved to Fibonacci level 4.272, a much steeper trend indicating a rapid increase. This gives hope for XRP, as it could follow a similar trend.
XRP’s Bullish Potential
The comparison of XRP’s current cycle with Ethereum’s cycle top at Fibonacci 4.272 paints a much more optimistic picture. According to the indicated assumptions, if XRP follows ETH, it could grow to an incredible $1,780. This target, even though rather bold, is in line with the wave count changes that analysts have observed in the past in the XRP price.
All signs point to the fact that XRP is well-positioned for a bounce, which means that those interested in the token have good reason to watch its next move. Whether it would hit double-digit figures in the near future is still uncertain, but confidence in the asset is on the rise.
