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A crypto analyst has set an ambitious target of between $7 and $13 for the XRP pricebasing his predictions on Elliott Wave theory and Fibonacci levels. According to the analyst’s price chart, Waves 2 and 5 could push XRP towards these key targets, which would mark new all-time highs for the cryptocurrency.
XRP Price Roadmap to New ATHs
The XRP price was at one fairly long-term consolidation trendhalting the previous price momentum after reaching the $2.5 mark. Despite the bearish trends and a drop to $2.2, a crypto analyst on TradingView, ‘Zerpcrypto’, shared A bullish forecast for the popular altcoin.
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According to the analyst, XRP would be a significant price increase between $7.4 and $13.5. The analyst based his bullish projections on the recent price action of XRP and the Elliott Wave Theorya technical analysis tool that identifies predictable patterns in crypto prices and helps predict market trends.
Zerpcrypto shared a two-year period XRP price chart from 2014 to present; The number of label waves ranges from one to five for the larger cycles and sub-waves within these cycles. The analyst’s chart indicates that XRP is currently in the middle of Wave 3, indicating a possible upward movement.
Of Wave 2 has already been completedZerpcrypto expects that Wave 3 could trigger a strong price increase, potentially pushing XRP to $7.4. After reaching the Wave 3 target, a small pullback is expected in Wave 4, allowing the market to consolidate before XRP takes the final big step towards Wave 5. In this latest wave, XRP could rise to $13.5 and possibly even reach $27.4.
In addition to the Elliott Wave theory, Zerpcrypto’s predictions are also well-founded Fibonacci levels. The expected XRP price targets of $7.4 and $13.5 correspond to the 4,236 and 8,618 Fibonacci extension levels respectively, reinforcing the analyst’s bullish outlook.
Zerpcrypto has also brought something positive to attention Moving average convergence divergence (MACD) for XRP, further strengthening his confidence in the expected $7.4 to $13.5 price target for the cryptocurrency.
Crypto Whales Buy 40 Million XRP
Despite The price drop of XRP to $2.25, down 13% in the past week, whales continue to accumulate large amounts of tokens, viewing the price drops as a potential buying opportunity. Crypto analyst Ali Martinez revealed in a recent X (former Twitter) post that whales bought another 40 million XRP in the last 24 hours.
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A member of the crypto community did just that speculated that this large-scale purchase could be a signal that whales are positioning themselves for significant changes in XRP. Typically, an increase in whale purchases often indicates greater confidence in the whaling industry bullish outlook for a cryptocurrency.
With the price of XRP surging more than 4x from the previous low of $0.5 and surpassing $2.2 in just two months, analysts to predict continued gains as the bull market gains momentum.
Featured image created with Dall.E, chart from Tradingview.com
