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XRP is gearing up for a surge to $120, in line with widespread crypto analyst EGRAG CRYPTO. Taking to social media platform X, the analyst shared a fresh chart detailing a bullish outlook for XRP, suggesting that the cryptocurrency is retracing a path just like its explosive 2017 rally. This time, nonetheless, the trajectory could possibly be much more dramatic, because the chart accompanying his publish outlines a long-term Elliott Wave formation that factors first to $27 and ultimately to a staggering $120 price ticket.
Echoes of 2017: XRP Retracing Cycle That Took Price To All-Time High
The 2017 bull cycle is among the most iconic intervals in XRP’s historical past. It was throughout this section that the value of XRP rallied from underneath $0.01 to an all-time excessive of $3.84, pushed by a broader crypto market bubble, alternate listings, and hypothesis surrounding Ripple’s adoption amongst monetary establishments.
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The rally adopted a basic Elliott Wave impulse construction, with 5 distinct waves characterised by brief consolidations earlier than every main leg upward. By early 2018, the bubble had popped, and XRP, like the remainder of the crypto market, entered into a chronic bear section.
EGRAG CRYPTO’s publish implies that XRP is now following a similar pattern to the one in 2017. Particularly, the analyst famous that XRP is at the moment within the means of forming its second wave, which is a retracement of the bullish impulse Wave 1. This impulse Wave 1 is characterised by XRP’s surge to $3.4 between This fall 2024 and January 2025. Wave 2, alternatively, is characterised by the price correction since January, which has despatched the XRP worth again to buying and selling round $2.
Now, the following step is for wave 3 to start formation. Based on conventional Elliott Wave ratios, this wave tends to increase aggressively, usually measuring 161.8% of Wave 1. According to EGRAG, XRP’s worth is anticipated to finish Wave 3 above double digits someday in summer time 2025. It is at this level that the analyst predicted a high out round $27, practically ten occasions its present buying and selling worth. Following that, his outlook anticipates a prolonged Wave 4 correction lasting a number of years, setting the stage for a remaining Wave 5 extension that would see XRP break into triple digits.
The $120 Long-Term Target
In his projection, the $27 stage will mark the completion of Wave 3, adopted by a Wave 4 correction that would probably span three years. This correction can be brutal and trigger the XRP worth to reach a bottom around $5.50.
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After this consolidation section, the following Wave 5 formation will catapult XRP to new highs once more and go on the identical measured transfer as Wave 1 or 61.8% of Wave 1 + Wave 3. If this performs out as EGRAG expects, XRP would break into triple-digit territory and finally peak round $120.
At the time of writing, XRP is buying and selling at $2.19, up by 2% up to now 24 hours. Reaching the $27 and $120 worth targets would translate to 1,132% and 5,380% will increase, respectively, from the present worth.
Featured picture from Adobe Stock, chart from Tradingview.com
