Egrag Crypto, a well-known crypto analyst on social media platform X, recently shared an optimistic XRP price prediction. According to this analyst, technical analysis of XRP price on weekly time frame shows that XRP is on track to reach $15 price target by May 5, 2025.
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Rooted in Fibonacci levels and Elliott wave theory, this analysis offers a long-term bullish outlook for the altcoin, despite the altcoin's recent decline over the past week. This is due to the price of XRP has been decreasing For the past seven days Along with the rest of the digital currency market.
Fibonacci and Elliott wave analysis for XRP
According to Egrag Crypto, the 1.618 Fibonacci level suggests that May 5, 2025 could be a pivotal date for XRP's price path in the long term. His technical analysis It uses automatic trend-based Fib and Fibonacci time zones on the XRP time frame weekly price chart.
It is interesting that this timeline It is in tune with public sentiment Around XRP, many crypto participants are currently expecting a rally in the first half of 2025. As such, the analyst also noted that it is still unclear whether the projected increase to $15 will occur before or after this projected date.
Speaking of the price timeline, the $15 target is based on actual calculations and Elliott wave theory According to this analyst, XRP is currently in wave 4, which is the second corrective phase in the Elliott wave theory. After this phase is completed, wave 5 is expected to be the next big move. Wave 5 is traditionally known as the third shock wave that pushes asset prices to new highs.
To estimate the magnitude of wave 5, the analyst examines the performance of previous shock waves 1 and 3. It is worth noting that waves 1 and 3 were highlighted with price increases of 63.39% and 570%, respectively.
Using these figures, Egrag Crypto applied a common Elliott wave principle, which shows that wave 5 is often equal to 61.8% of the combined profit of waves 1 and 3. Applying this school of thought and looking at the numbers, Wave 5 is expected to lead to an approximate price increase of around 391% for XRP. In terms of price target, this translates to a price range of around $15.
Is a long-term uptrend still valid for XRP?
Despite XRP's current decline over the past seven days, which reflects a broader market downturn, this technical analysis is the opposite of a near-term bearish outlook. In particular, XRP has been on a downward trend since reaching $2.82 on December 3rd.
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At the time of writing, XRP is trying to reach the $2.20 price level and is holding on. With selling pressure in between Some holders, however, are digital currency Basic bullish pointsand it can easily resume its price increase soon.
At the time of writing, XRP is trading at $2.18
Featured image from Outlook Business, chart from TradingView
