Key Highlights:
- Elliott Wave Theory Signals Major Rally: Crypto analyst Egrag Crypto predicts XRP could hit $66 based on Elliott Wave analysis.
- Potential Wave 3 Surge to $20: XRP is expected to witness an 800%-1,000% rally before a correction.
- Final Ascent to $66 on Wave 5: A bullish market and legal clarity could propel XRP to its all-time high.
XRP Set for a Massive Price Rally?
Cryptocurrency analyst Egrag Crypto has made an ultra-bullish prediction for XRP, forecasting that its price could skyrocket to $66 this year. Using the Elliott Wave Theory, the analyst explains how XRP could undergo a series of price movements before reaching this ambitious target.
How XRP Could Hit $66
In a recent X (formerly Twitter) post, Egrag Crypto stated that his forecast is based on mathematical principles rather than speculation. He outlined how XRP’s price could follow the Elliott Wave Theory, a market pattern consisting of five waves.
- Wave 1: XRP has already surged 510%, forming the baseline for the next moves.
- Wave 2: A corrective phase is currently in progress, with price fluctuations expected below $1.77.
- Wave 3: Historically the strongest, this wave could push XRP between $17 and $20, marking an 800%-1,000% gain.
- Wave 4: A correction phase, where prices could dip between $6 and $7 before the next big move.
- Wave 5: The final surge, potentially propelling XRP to $66 amid bullish momentum and market optimism.
Wave 3 & 4: The Key Phases
According to Egrag Crypto, Wave 3 is likely to be the most impulsive phase, driven by strong market sentiment. Based on Elliott Wave calculations, this wave could see XRP gaining up to 1,000%, leading to a price range of $17-$20.
Following this, Wave 4 will bring a retracement of 14.6%-38.2%, which could see XRP dropping to around $6-$7. However, this correction may present a buying opportunity before the final wave begins.
Final Wave to $66: A Game-Changer?
Egrag Crypto believes that Wave 5 will be the final bullish move, pushing XRP to $66. His analysis suggests that:
- Using inverse Fibonacci metrics, XRP could range between $20 and $29.
- Repeating a 510% rally from Wave 1 would put XRP at $44.
- Applying a 61.8% extension of Waves 1 and 3 would set the price at $66.
Interestingly, legal expert Matt Hougan predicts the Ripple-SEC lawsuit will conclude between April and May, which could serve as a major catalyst for this price explosion.
Conclusion
With Elliott Wave Theory backing this prediction and the ongoing Ripple lawsuit potentially nearing resolution, the coming months could be decisive for XRP. While the road to $66 includes significant volatility, the bullish outlook remains strong, making XRP one of the most closely watched cryptocurrencies in 2024.
