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Elliott Wave Theory Forecasts XRP Price Of $27 By 2026
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Elliott Wave Theory Forecasts XRP Price Of $27 By 2026: Crypto Analyst

Jake Simmons
Jake Simmons
1 year ago
3 mins read
XRP price

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Renowned crypto analyst Egrag presented a compelling Elliott Wave analysis on the potential XRP price trajectory in a tweet today. Drawing attention to the inner workings of the Elliott Wave theory, he highlighted that XRP has entered Wave 3 in recent days, which in particular plays a transformative role in determining the course of asset prices.

In Egrag’s words: “XRP aiming to $27 – Wave 1 inside Wave 3: Diving into the Elliott Wave theory as we explore the potential for XRP to reach $27! Wave 3 is typically a game-changer in the Elliott Wave theory.”

Elliott Wave Analysis: Wave 3

The crypto analyst further elaborated that Wave 3 emerges as the trend’s dominant force, outshining other waves in size and influence. This stage often witnesses positive news that prompts fundamental analysts to revise their outlook, giving a boost to upward momentum.

Notably, prices tend to shoot up rapidly during this phase, with minimal corrections. Investors who try to enter the market on a pullback often find themselves missing out as the third wave gains traction. At the outset, pessimistic news might still dominate, with most market participants maintaining a bearish stance. However, as Wave 3 unfolds, a significant shift towards bullish sentiment becomes evident among the majority.

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Deep-diving into the XRP analysis, Egrag points out that the green wave count reflects the Grand Cycle spanning from 2014 to 2018. This cycle commenced with Wave 1 and was succeeded by a corrective Wave 2. “Presently, XRP finds itself amidst the thrilling currents of Wave 1 within the Grand Cycle’s Wave 3. Prepare for a fascinating journey ahead!” he noted.

He further elucidated that XRP has adeptly navigated through the initial waves and is now setting its course for the anticipated Wave 3, which he predicts will touch the Fibonacci 1.618 mark at $6.5, followed by a brief correction. The subsequent and concluding phase, Wave 5, according to Egrag’s analysis, will propel the XRP price to a staggering $27.

A Deep-Dive Into Egrag’s XRP Price Chart

Egrag’s analysis delineates the intricate voyage of the XRP price through the conceptual lenses of the Elliott Wave theory. The chart starts its narrative in March 2020, when the subordinate Wave 1 began. This initial phase witnessed XRP escalating to a prominent peak of $1.96, buoyed by a favorable outcome in Ripple’s legal battle with the US Securities and Exchange Commission (SEC).

Elliott Wave analysis for XRP
Elliott Wave analysis for XRP | Source: X @egragcrypto

Subsequent to the apex of Wave 1, the chart navigates through a territory marked by correction, which is dubbed Wave 2. In this segment, the XRP price experienced a pullback and dropped to a low of $0.4313. This corrective phase, although incisive, respects the sanctity of Elliott wave norms by not falling below the initial point of Wave 1.

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With the transition into the Wave 3 area, bullish momentum is currently starting to build up. Egrag, with a combination of analysis and foresight, expects the XRP price to rise beyond the zenith of Wave 1 and target the Fibonacci extension of 1.618, valued at around $6.57. This upside, plotted on Egrag’s chart, is expected to end sometime in 2024 or 2025.

Wave 4, as described by Egrag, provides for a corrective move following the upswing of Wave 3. At this point, the XRP price is expected to drop heavily and find support at $1.96, which interestingly mirrors the peak of Wave 1.

In Egrag’s chart, Wave 5 emerges as the pinnacle of the bull market. In this decisive phase, the analyst projects his most audacious forecast for the XRP price trajectory. Anticipating a monumental bull surge in 2025, he envisions XRP oscillating between Fibonacci extension levels of 2.272 and 2.414, corresponding to price points of $23.63 and $31.20. Egrag, averaging the values, subsequently forecasts a price target of $27 for XRP.

At press time, XRP traded at $0.4934.

XRP price chart
XRP price trades above the 61.8% Fib, 4-hour chart | Source: XRPUSD on TradingView.com
Featured image from Figma, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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