As one of the star performers in the current bull market, XRP has demonstrated outstanding rally performances due to macroeconomic factors and potential legal developments. Even during an unpredictable trading week across cryptocurrency space, this top altcoin managed to secure minor price gains that draw attention to its short- and long-term growth prospects amid market uncertainties.
Analyst Egrag Crypto, an esteemed figure in cryptocurrency analysis, recently made waves by emphasizing XRP’s potential for major price movements. Utilizing Elliott Wave Theory – which recognizes repeated wave patterns within market cycles – Egrag provides an optimistic outlook for its trajectory.
Bullish Outlook: XRP’s Price Potential
According to Egrag Crypto’s analysis, XRP completed its initial wave with a 510% price increase during the fourth quarter of 2024, marking an important milestone in its market performance. Since then, it has entered its second wave, often marked by corrective patterns like temporarily dropping prices below $1.77 before rebounding towards between $3.7 and $3.9.
Anticipation builds for the Elliott Wave Theory’s most dynamic and parabolic phase: the third wave. Driven by overwhelming bullish sentiment, this phase could see XRP prices surge by 800% to 1,000% within one or two months and reach predicted prices between $17-20. After such an explosive growth phase has ended, corrective fourth waves could potentially bring prices back down into range of $6 to $7 before another leap forward is taken.
The fifth and final wave can be expected to bring with it an upsurge in bullish sentiment and an influx of new market participants, with price targets potentially reaching anywhere from $20 up to $66, according to Egrag Crypto’s projection methods.
Current Market Standing of XRP
At present, XRP is trading at $2.23 and showing an increase of 1.74% over the last 24 hours. Even after experiencing a recent drop in daily trading volume, sentiment around XRP remains overwhelming positive due to expectations that the US Securities and Exchange Commission may end its ongoing litigation against Ripple similarly to recent cases related to Gemini, Coinbase, and Robinhood, giving confidence boost for XRP’s legal standing and future prospects.
