XRP Price Forecast: Wave 5 Signals Imminent Surge To $13 By 2024
XRP’s price has been relatively stagnant compared to other cryptocurrencies and altcoins. However, a crypto analyst going by the name James Crypto has made a bold prediction based on Elliott Wave Theory’s interpretation of XRP’s monthly chart.
James Crypto highlights the possibility of XRP entering a grand 5th wave, referring to the extended durations of Wave 1 and Wave 3. The Elliott Wave Theory, a technical analysis tool, suggests that price movements unfold in recurring wave patterns that can provide insights into future trends.
According to the theory, a complete market cycle consists of five waves, three impulse waves (1, 3, and 5), and two corrective waves (2 and 4). The fifth and final wave is often associated with a significant price surge before a potential reversal or consolidation.
Examining XRP’s monthly chart, James Crypto notes the extended duration of Wave 1 (20 weeks) and Wave 3 (over 40 weeks). Extrapolating this trend, the theory suggests the possibility of a 60-week Wave 5, which could result in a substantial price rally for XRP.
If XRP follows the projected Elliott Wave pattern, James Crypto’s forecast indicates a supercycle top expected in March to April 2024. The target price range for XRP during this period is estimated to be between $5 and $13.
Despite recent price declines, XRP has the potential to break through and regain bullish momentum. The market’s leveraged positions and liquidations at various price levels indicate a critical juncture for XRP’s price.
While the outcome remains uncertain, with the possibility of a short squeeze and additional catalysts driving the price higher, it is advised to conduct thorough research and make investment decisions at your own risk.
Disclaimer: This article is for educational purposes only and does not represent investment advice. Perform your own research and be aware of the risks associated with investing.