A crypto analyst who accurately predicted the XRP price rise to the $2.8 milestone has made another bold prediction for the cryptocurrency. The analyst recently shared a technical analysis of XRP based on Elliott Wave Theoryidentifying price wave patterns and their implications for the future trajectory of the cryptocurrency in the medium to long term.
Analyst Accurately Projects XRP Price Rise Above $2.8
The XRP price has a big price swing in recent weeks, shocking the broader crypto community as it continues with this strong bullish momentum. TradingView crypto analyst Behdark revealed that he had initially analyzed XRP at $1.4 before predicting its rise between $2.7 and $4.2.
The analyst announced that since this last analysis, the price of XRP has skyrocketed over 105%, reaching key zones and confirming its projection above $2.7. Data from CoinMarketCap shows that the XRP price is currently trading at $2.71, marking an increase of 12.6% in the last 24 hours.
Behdark has highlighted that the XRP price may be forming a ‘Running Triangle’, a consolidation pattern consisting of the five waves of the Elliott Wave Theory: A, B, C, D and E. The TradingView analyst shared a detailed XRP price chart and revealed that the cryptocurrency is currently in Wave D, which is already nearing completion. This wave suggests that the XRP price is closer to a resistance levelas indicated by the red zone on the map.
The analyst revealed that XRP’s Wave D targets a new record everThis indicates a potential for the cryptocurrency to briefly spike above critical resistance levels. He noted that after this sharp but short price increase occurred, XRP is expected to correct lower and officially entering wave E.
After Behdark’s analysis, it looks like wave E could be the final consolidation phase of the Running Triangle. The analyst expects a big price increase above $15 once the triangle pattern is complete. He revealed that wave E signals a strong bullish move for XRP, which could potentially see the cryptocurrency reach new all-time highs during this bull cycle.
XRP Price Expects Huge Rise to $30
After accurately predicting XRP rises above $2.8Behdark continued his technical analysis, further projecting that the cryptocurrency could rise close to the $30 price target. Based on his price chart, the analyst points to three possibilities long term targets for the XRP price.
First, the $30 price projection for XRP is a long-term target that the analyst believes the cryptocurrency can reach by 2026. Behdark predicted the future trajectory of XRP, predicting that it would rise to the key resistance zone at $3.1 by 2025 and then break. beyond this level to settle between $5.5 and $6.5.
By 2026, XRP is expected to undergo a deep correction back to the $3.1 resistance zone before massively skyrocketing again to three main targets: $8 – $9, $14 – $17, and $25 – $30.
Featured image created with Dall.E, chart from Tradingview.com