XRP is once again grabbing headlines as EGRAG CRYPTO’s latest analysis points toward a bullish target in the range of $27 to $33. According to EGRAG’s breakdown, XRP is nearing the end of its MACRO Wave 4, setting the stage for a monumental move in MACRO Wave 5.
If it follows historical patterns, this new wave could send the cryptocurrency soaring deep into double-digit territory, far above its current valuation.
The fifth wave, according to the Elliott Wave theory, with the theoretical Wave 5 for XRP ranging between 1.236% and 1.618%, is a point to watch. Alternatively, Wave 5 can be precisely as long as Wave 1 or stretch to 61.8% of the sum of Waves 1 and 3.
Any of these scenarios would see XRP break past the significant Fibonacci retracement levels key tool in technical analysis that maps out potential support and resistance zones from historical price data. This puts XRP in an entirely new price bracket compared to her counterparts, Bitcoin and Ethereum.
EGRAG added that a comparison was drawn between XRP, BTC, and ETH; the difference in their paths was shown. For the most part, BTC simply tapped its Fibonacci target but is struggling to maintain momentum since it closed monthly candles above the key 1.618 Fib level. Ethereum, on the other hand, mooned past its own 1.618 level, up to Fib 4.272, beating the growth of Bitcoin.
It would now appear that XRP is about to take Ethereum’s pathway, which could even climb all the way up to Fib 4.272 at an astronomical $1,780. This may be a little far-fetched for now, but wave patterns and alignments of Fibonacci give the forecast a technical basis for now.
Fibonacci levels hold strong amid XRP retracement
On the more exciting side, EGRAG also noticed that XRP was currently sitting at its Fib 1.618 level from the previous cycle, a very important line of defense.
If XRP loses this level, it may invite bearish implications. The analyst’s confidence suggests that XRP is simply retracing in its MACRO Wave 4 before setting up for the explosive Wave 5.
While this has been going on, the cryptocurrency has continued to map these wave patterns, and a big breakout goes well according to the wave count- is on the watch of traders with double digits in sight.
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