Ripple price It appears to be approaching one of the most important technical phases in its long-term structure, according to a new analysis shared by EGRAG CRYPTO. The analyst, known for his bullish stance on XRP, says the cryptocurrency is still “missing the fifth wave,” meaning the next stop… It can pay its price Far from all-time highs.
Despite the recent consolidation at just over $2.2, Elliott Wave forecasts show that the cryptocurrency… Just just gathering strength before Starting with price targets up to $27.
XRP is still missing its fifth wave
EGRAG encryption Latest update for X Displays the price movement of XRP within a five-wave extended structure typical of Elliott Wave Theory. His analysis, performed on a five-day chart, indicates that XRP is currently completing a fourth impulse wave, a corrective period that leads to massive bullish extensions.
As he puts it, the “Power of Five” is about to unfold, beginning what he expects to be “the most explosive fifth wave yet.”
The historical context highlighted by the analyst supports his claim. Similar fourth corrective wave patterns in 2017 and 2021 preceded the strongest XRP rallies, which occurred each time after a long consolidation period. Furthermore, the EGRAG chart highlights recurring cycles of impulsion and correction, highlighted by the cyan and pink EMA bands that consistently acted as support areas before the rally.
The current setup shows that XRP is holding above its support zone, as bullish traders are doing Prevented him from falling below $2.20. This successful consolidation indicates that the fourth wave may be coming to an end.
Fibonacci extensions point to a $27 target
According to EGRAG, the fifth wave is designed to break the lack of confidence in the market. This is the stage where many traders bet against the trend only to be caught on the wrong side of history. His post referenced the infamous case of a trader who lost $30 million shorting XRP during 2024, and used it as a reminder that history repeats itself.
The technical projection is enhanced by the Fibonacci extension levels plotted on the EGRAG chart. The analyst’s framework identifies notable price resistance targets for the next move higher, with the 1,272, 1,414, 1,618, and 2,618 extensions aligning around $4.78, $5,515, $6,755, and $18.25, respectively, while the higher extensions extend into the $27 range.
At the time of writing, XRP is trading at $2.49 after bouncing from lows of $2.12 last week. The token is up 9% in the last 24 hours, Which reflects growing confidence It is among market participants where bullish setups begin to take shape.
Despite market hesitation and low volatility across most cryptocurrencies, the entire market appears to be changing convincingly. At the time of writing, the total market cap of cryptocurrencies increased by about 4.4% During the last 24 hours.
Featured image from iStock, chart from Tradingview.com
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