A crypto analyst who accurately predicted the XRP price jump to the $2.8 milestone has made another bold prediction for the cryptocurrency. The analyst recently shared a technical analysis of XRP based on the Elliott Wave Theory, identifying price wave patterns and their implications on the cryptocurrency’s future trajectory in the mid-to-long term.
Analyst Accurately Projects XRP Price Rally Above $2.8
The XRP price has had a major price turnaround in the past weeks, shocking the broader crypto community as it continues on this strong bullish momentum. TradingView crypto analyst Behdark revealed that he had initially analyzed XRP at $1.4 before projecting its rise between the $2.7 and $4.2 targets.
The analyst disclosed that since this last analysis, the price of XRP has skyrocketed by over 105%, reaching key zones and confirming his above $2.7 projection. Data from CoinMarketCap revealed that the XRP price is currently trading at $2.71, marking a 12.6% increase in the last 24 hours.
Behdark has emphasized that the XRP price may be forming a “Running Triangle,” a consolidation pattern made up of the five waves of the Elliott Wave Theory: A, B, C, D, and E. Sharing a detailed XRP price chart, the TradingView analyst disclosed that the cryptocurrency was currently in Wave D, which is already nearing completion. This wave suggests that the XRP price may be getting closer to a resistance level, as indicated by the red zone on the chart.
The analyst revealed that XRP’s Wave D is targeting a new all-time high, signaling a potential for the cryptocurrency to briefly spike above critical resistance levels. He noted that after this sharp but brief price increase occurs, XRP is expected to correct downwards and officially enter wave E.
Following Behdark’s analysis, it appears that wave E may be the final consolidation phase of the Running Triangle. The analyst projects a major price rally above $15 once the triangle pattern completes. He disclosed that wave E indicates a strong bullish move for XRP that could potentially allow the cryptocurrency to hit new all-time highs this bull cycle.
XRP Price Eyes Massive Surge To $30
After accurately predicting XRP’s surge above $2.8, Behdark continued his technical analysis, further projecting that the cryptocurrency could surge close to the $30 price target. Based on his price chart, the analyst points to three potential long-term targets for the XRP price.
Firstly, the $30 price projection for XRP is a long-term target that the analyst believes the cryptocurrency can achieve by 2026. Behdark forecasted the future trajectory of XRP, predicting that it would surge to the key resistance zone at $3.1 by 2025 and then break past this level to settle between $5.5 and $6.5.
By 2026, XRP is projected to experience a deep correction back to the resistance zone at $3.1 before skyrocketing massively again to three main targets: $8 – $9, $14 – $17, and $25 – $30.
Featured image created with Dall.E, chart from Tradingview.com
