XRP’s price drop above the $1 and $2 price levels in recent weeks has put the cryptocurrency on its most bullish trajectory since 2018. Although the XRP price apparently consolidating since this remarkable runanalysts continue to anticipate again a remarkable start which would eventually see it reach new all-time highs.
According to an analysis on the TradingView platform, the XRP price is on track to reach double digits in the coming years. In particular, the analyst highlighted the role of the supercycle Elliott Wave counts in predicting XRP’s price trajectory and suggested the cryptocurrency could never fall below $1 until the start of the next bear market.
XRP Price Chart Shows Supercycle Elliot Waves
According to the analysisXRP’s recent rise has caused the cryptocurrency to break out of a consolidation pattern that has been going on for more than 5.5 years. This consolidation, which began sometime around January 2018, was highlighted by a series of lower highs and higher lows, causing the XRP price to trade in an increasingly tight range.
Interestingly, this consolidation pattern followed a series of Elliot waves in Elliott Wave theory. The consolidation pattern played out a smaller a, b, c, d, and e move, essentially completing the five-pulse wave pattern. However, these five impulse waves are sub-waves of a larger corrective impulse wave on the XRP Supercycle.
Remarkably, the small wave motion with five impulses corresponds to the fourth wave in the supercycle, a phase considered corrective in Elliott Wave Theory. Since 2014, the price chart of XRP has shown a clear supercycle wave structure, with this fourth wave representing a period of market correction and consolidation. Therefore, its conclusion has now paved the way for the beginning of the fifth wave in the super cycle.
Ambitious double-digit targets for XRP price
As it stands now, XRP price is riding out the bullish fifth impulse wave in the great super cycle. According to the Eliot Wave Theory, Wave 5 will be the last major bullish wave before another bear market arrives. Looking ahead, the analyst called 2025 a “legendary year,” predicting rapid transitions between these market phases.
Wave 3 featured a 113200% move from $0.003 to the current all-time high of $3.40. If the current Wave 5 follows a similar trajectory, XRP’s price could do so rising well into double-digit territory. Using the Fibonacci Extension indicator, technical analysis suggests an XRP price target above $60 in the coming years. This price target, while very ambitious, responds to the current bullish sentiment all around the XRP price.
At the time of writing, XRP is trading at $2.33
Featured image created with Dall.E, chart from Tradingview.com