3rd Elliott Wave Completion Can Take XRP to $27: Analyst
The XRP price might be looking to record a spike toward the $27 price territory upon completing a pivotal Elliott Wave, as crypto market analyst CryptoBull recently predicted.
The analyst made this forecast while analyzing XRP’s price movements over one 1-month. CryptoBull leveraged an Elliott Wave structure religiously followed by XRP amid a series of price declines and upswings.
An Elliott Wave structure typically comprises five waves. CryptoBull presented a monthly chart that detailed how the XRP price has moved over the years while tracing these waves. The first structure started in mid-2014 and lasted for over three years.
XRP Price Records First Elliott Wave Structure
Notably, XRP recorded the first wave of this structure in July 2014. The first wave, which spanned five months, resulted in an impressive price run from $0.00379 in July 2014 to $0.02803 in December 2014. This marked a massive 659% increase.
However, the second wave brought a correction, resulting in XRP relinquishing some gains from the first wave. This second wave lasted a year, from January 2015 to December 2015. Upon completing the second wave, the XRP price had dropped to $0.00604.
Nonetheless, the bulls were relentless, leveraging the strength from the third wave for a more substantial price upsurge. XRP began the third wave in January 2016 when it changed hands at $0.00604. The asset rallied 6,502% on the back of the Wave 3 to $0.3988 in May 2017. This marked the completion of the third wave.
Wave 4 ushered in another correction similar to the one with Wave 2. However, this correction was less damaging than the previous one, as it mainly represented consolidation. XRP eventually picked up again when the fifth and last wave started, rallying to an all-time high of $3.3 in January 2018.
The Second Elliott Wave Structure
CryptoBull believes XRP has been silently replicating this 5-Wave structure since March 2020. Interestingly, the previous structure began when XRP dropped to the cycle bottom in July 2014. CryptoBull thinks the bottom of the current cycle came up in March 2020 when XRP collapsed to $0.1140.
As a result, XRP started the first wave of the ongoing structure. The first wave resulted in a surge to $1.9669 in April 2021. However, XRP recorded a retracement upon the formation of the second wave. This retracement continued until last December, when XRP dropped to $0.3322, completing Wave 2.
The analyst’s chart suggests that XRP began Wave 3 in January of this year, and the asset has registered impressive gains. XRP still remains in this third wave, with CryptoBull predicting that the asset will clinch $27 upon completing the wave.
XRP changes hands at $0.6205 as of press time, up 1.11% over the past 24 hours. Hitting $27 would require a 4,251% price increase, a considerably lower price jump than the 6,502% spike recorded in the previous wave 3.