Expert Tylie Eric believes that XRP has fulfilled all necessary conditions for a price surge to $36, despite currently trading below $0.5. The overall bearish trend in the crypto market has had a significant impact on XRP, causing it to drop 5.94% this month. However, it has shown more resilience compared to other altcoins like Ethereum and Solana.
Eric points out that XRP has followed a 5-wave Elliott Wave structure multiple times on the weekly chart, with each completion of the fifth wave leading to a substantial price increase. In early 2017, this pattern resulted in a 7,784% surge to $0.3988, followed by another rally to $3.31.
Currently, XRP is in another 5-wave structure, having completed all four waves over the past six years. Eric’s chart suggests that the fifth wave could lead to a potential 7,637% price upsurge, similar to what was seen in early 2017. Another analyst, CryptoInsightUK, also projected a price increase for XRP to $34 last September.
As of now, XRP is trading at $0.4850, with its immediate target being to reclaim and retain the $0.50 price territory. If the market recovers, XRP could use this as a launchpad for a rally to higher levels.