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Egrag Crypto, a well-known cryptocurrency analyst on the social media platform X, recently shared an optimistic forecast for the price of XRP. According to the analyst, technical analysis of the XRP price on the weekly time frame indicates that XRP is on track to reach the target price of $15 by May 5, 2025.
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The analysis, rooted in Fibonacci levels and Elliott Wave theory, offers a long-term bullish outlook for the altcoin despite its recent decline over the past week. This is because the price of XRP It has been on the decline Since the last seven days Along with the rest of the cryptocurrency market.
Fibonacci and Elliott Wave Analysis for XRP
According to Egrag Crypto, the 1.618 Fibonacci level indicates that May 5, 2025, could be a pivotal date for the long-term path of XRP price. His technical analysis It uses automatic Fibonacci and trend-based Fibonacci time zones on the weekly time frame price chart of XRP.
This timeline is interesting It closely matches the overall feeling surrounding XRP, with many cryptocurrency participants currently eyeing a rally in the first half of 2025. As such, the analyst also noted that it remains uncertain whether the expected rise to $15 will occur before this expected date. Or after?
Talking about the price timeline, the target of $15 is based on actual accounts and Elliot wave theory. According to the analyst, XRP is currently in wave 4, which is the second corrective phase in the Elliott Wave theory. Once this phase is completed, wave 5 is expected to be the next major step. Wave 5 is traditionally known as the third impulsive wave that pushes the asset price to new highs.
To estimate the size of wave 5, the analyst examined the performance of the previous two impulsive waves 1 and 3. Notably, waves 1 and 3 were highlighted by price increases of 63.39% and 570%, respectively.
Using these numbers, Egrag Crypto applied the popular Elliott Wave principle which suggests that wave 5 is often equal to 61.8% of the combined gains of waves 1 and 3. Applying this school of thought and numbers, Wave 5 is expected to result in an approximate increase in XRP prices of approximately 391%. In terms of target price, this translates to a price range of around $15.
Is the long-term upward trajectory still valid for XRP?
Despite XRP’s current decline over the past seven days, reflecting a broader market decline, this technical analysis provides a counterpoint to the short-term bearish outlook. In particular, XRP has been on the decline since peaking at $2.82 on December 3.
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At the time of writing, XRP was struggling to reclaim the $2.20 price level and still is Facing selling pressure Some owners. However, cryptocurrency Fundamentals point to the upsideand their price increases could easily resume anytime soon.
At the time of writing, XRP is trading at $2.18
Featured image from Outlook Business, chart from TradingView
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