Crypto analyst Zerpcrypto has set a bullish price target between $7 and $13 for XRP, based on the Elliott Wave theory and Fibonacci levels. The analyst believes that XRP could hit these key targets, potentially marking new all-time highs for the cryptocurrency. After facing a consolidation trend and dropping to $2.2 from the $2.5 mark, Zerpcrypto remains optimistic about XRP’s potential for growth.
The analyst shared a 2-year XRP price chart, identifying wave counts from one to five for larger cycles and sub-waves. Currently in the middle of Wave 3, Zerpcrypto predicts that this could trigger a strong price rally for XRP. With Wave 2 completed, a potential push towards $7.4 in Wave 3 is anticipated, followed by a minor pullback in Wave 4 before the final push upward in Wave 5 towards $13.5 or even $27.4.
In addition to the Elliott Wave theory, Zerpcrypto’s bullish outlook for XRP is supported by Fibonacci levels. The projected price targets align with specific Fibonacci extension levels, reinforcing the analyst’s confidence in XRP’s growth potential. The positive Moving Average Convergence Divergence (MACD) for XRP also adds to the analyst’s optimism regarding the cryptocurrency’s price trajectory.
Despite XRP’s recent price drop to $2.25, whales in the crypto market continue to accumulate large amounts of tokens. With whales buying another 40 million XRP in the last 24 hours, there is speculation within the crypto community that this increased activity could indicate a significant shift in XRP’s price. Generally, a surge in whale buying often signals confidence in the bullish outlook of a cryptocurrency.
With XRP’s price surging over 4X in just two months, analysts are predicting further gains as the bull market gains momentum. The recent price consolidation and drop to $2.2 may present buying opportunities for investors as XRP continues to show potential for growth. As the crypto market remains volatile, it is crucial for investors to stay informed of market trends and analyst predictions to make informed decisions regarding their investments.
