Is Now a Good Time to Buy XRP? A Closer Look at the Ripple Price (Analysis)

2023-10-18 08:01:51

TL;DR

Ripple is progressing in its case against the SEC, fostering optimism about XRP’s price.
Based on the “Elliott Wave Theory,” XRP might reach $27 by Q4 2025, experiencing significant volatility along the way.
Achieving $27 would require XRP’s market cap to be around $1.5 trillion, a lofty increase from past levels.

‘XRP has the Potential to Reach $27’

Ripple’s march towards a possible decisive court victory against the US Securities and Exchange Commission (SEC), the numerous developments surrounding the blockchain enterprise, and the enhanced volatility of XRP have given bulls hopes that the asset’s price could rise significantly in the near future.

Numerous analysts have laid out plenty of forecasts lately, with some envisioning mild increases and others predicting spectacular spikes. The most recent wild bet came from the X (Twitter) user EGRAG CRYPTO, who assumed that the community might witness XRP trading at a whopping $27 in less than three years.

The prognosis is based on the so-called “Elliott Wave Theory,” which has five progressive cycles. EGRAG CRYPTO suggested that “Wave 3” could be a “game-changer,” assuming XRP manages to enter that phase.

“Wave 3 emerges as the trend’s dominant force, eclipsing other waves in size and influence. Wave 3 often extends Wave 1 by a ratio of approximately 1.618, painting a promising picture for XRP’s future,” they explained.

However, the analyst reminded that Ripple’s native token is still within the initial phase, known as “Wave 1,” and entering the bullish mode could happen at the beginning of 2024. The valuation then might pass through enhanced volatility by spiking towards $10 and then plunging to as low as $1.50. Eventually, it could blast towards the $27 level in Q4 2025.

As such, EGRAG CRYPTO argued that investing in the coin as of the moment (when the price is less than $0.50) “might just be the wisest move for generations to come.”

What are the Real Chances?

It is worth noting that such a price tag seems a bit unrealistic, considering the fact that XRP’s market capitalization should jump to approximately $1.5 trillion for this to happen. Recall that the market cap of the entire cryptocurrency industry was around $3 trillion during the bull run in 2021 when Bitcoin (BTC) soared to an ATH of almost $70,000.

Those willing to find out what XRP’s possible deviation in the short term might be could take a look at our latest video below:

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