The XRP price appears to be approaching one of the most critical technical phases in its long-term structure, according to a new analysis shared by EGRAG CRYPTO. The analyst, known for his bullish takes on XRP, says the cryptocurrency is still “missing the fifth wave,” implying that the next leg could push its price far into new all-time highs.
Despite recent consolidation just above $2.2, Elliott Wave projections show that the cryptocurrency is only just gathering strength before launching into price targets as high as $27.
XRP Is Still Missing Its 5th Wave
EGRAG CRYPTO’s latest update on X presents XRP’s price action within an extended five-wave structure typical of the Elliott Wave Theory. His analysis, which was done on the 5-day timeframe chart, proposes that XRP is currently completing a fourth impulsive wave, which is a corrective period that leads to massive bullish extensions.
In his words, the “Power of 5” is about to unfold, setting up 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 XRP’s strongest rallies, each time occurring after a lengthy consolidation. Furthermore, EGRAG’s chart highlights repeating cycles of impulse and correction, highlighted by cyan and pink EMA bands that have consistently acted as support zones before a rally.
The current setup shows XRP is holding above its support zone, and bullish traders have prevented it from falling below $2.20. This successful hold suggests that the fourth wave might be nearing its end.
Fibonacci Extensions Point To $27 Target
According to EGRAG, the fifth wave is designed to break disbelief in the market. This is a stage where many traders bet against the trend only to get caught on the wrong side of history. His post referenced an infamous case of a trader who lost $30 million shorting XRP during its 2024 leg-up, using it as a reminder that history repeats itself.
The technical projection is reinforced by Fibonacci extension levels plotted on EGRAG’s chart. The analyst’s framework identifies notable price resistance targets for the next leg 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 higher extensions extend to the $27 range.
At the time of writing, XRP is trading at $2.49 after rebounding from lows of $2.12 last week. The token has gained 9% in the past 24 hours, reflecting growing confidence among market participants as bullish setups begin to take shape.
Despite market hesitation and low volatility across most cryptocurrencies, the entire market appears to be changing in conviction. At the time of writing, the total cryptocurrency market capitalization has increased by about 4.4% over the past 24-hour period.
Featured image from iStock, chart from Tradingview.com
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