This article is also available in Spanish.
Egrag Crypto, a well-known crypto analyst on social media X, recently shared an optimistic price forecast for XRP. According to the analyst, the technical analysis of the price of XRP on a weekly basis suggests that XRP is on track to reach the target price of $15 on May 5, 2025.
Related Reading
The analysis, based on Fibonacci levels and Elliott Wave theory, provides a long-term outlook for the altcoin despite its recent decline last week. This is because the price of XRP has been declining since seven days ago alongside the rest of the crypto market.
Fibonacci and Elliott Wave Analysis of XRP
According to Egrag Crypto, the Fibonacci level 1.618 indicates that May 5, 2025, could be an important day for the price of XRP in the long term. His technical analysis it uses auto-Fib and Fibonacci trend-based time zones on the weekly XRP time-frame price chart.
It is interesting that this timeline it coincides closely with the general feeling surrounding XRP, as many crypto participants are currently looking forward to an explosion in the first half of 2025. Therefore, the analyst also noted that it remains uncertain whether the predicted explosion at $ 15 will occur before or after this predicted date.
If we talk about the price timeline, the $15 goal is based on the actual calculation once Elliot Wave Theory. According to the analyst, XRP is currently in Wave 4, which is the second phase of the correction in the Elliot Wave theory. Once this phase is completed, Wave 5 is expected to be the next big move. Wave 5 is traditionally known as the third wave of pressure that pushes the price of the asset higher.
To estimate the magnitude of Wave 5, the analyst examined the performance of previous impulse waves 1 and 3. Notably, Waves 1 and 3 were highlighted by price increases of 63.39% and 570%, respectively.
Using these figures, Egrag Crypto applied the Elliott Wave principle which suggests that Wave 5 is usually equal to 61.8% of the combined gains of Waves 1 and 3. Using this school of thought and crunching the numbers, Wave 5 is expected to result in a price increase of around 391% for XRP. Depending on the target price, this translates into a price range of around $15.
Is The Long-Term Bullish Trajectory Still In Work For XRP?
Despite the current decline of XRP over the past seven days, which indicates a broader market decline, this technical analysis provides a counterpoint to the short-term bearish outlook. In particular, XRP has been falling since reaching $2.82 on December 3rd.
Related Reading
At the time of writing, XRP is struggling to regain the $2.20 price level again faced with selling pressure in between other owners. Anyway, cryptocurrency fundamentals point bullishand it could easily resume its price hike anytime soon.
At the time of writing, XRP is trading at $2.18
Featured image from Outlook Business, chart from TradingView
Source link