Crypto analyst Egrag Crypto has predicted that the XRP price could rally to $66 this year, providing a bullish outlook for the crypto. The analyst alluded to the Elliott Wave Theory to explain how XRP could reach this ambitious price target.

How XRP Price Will Rally To $66 This Year

In an X post, Egrag Crypto predicted that the XRP price could rally to between $20 and $66 this year. He asserted that his analysis is grounded in mathematical principles rather than speculative hype. The analyst then explained how the Elliot Wave Theory forecasts that XRP can reach as high as $66.

The analyst’s ultra-bullish prediction for XRP comes just as another analyst, Dark Defender, predicted that XRP will reach $8 irrespective of the outcome of the Ripple SEC case.

Egrag Crypto noted that the Wave 1 has demonstrated a remarkable increase of 510%. He stated that this percentage serves as the baseline for subsequent wave calculations.

The crypto analyst then proceeded to Wave 2, where he remarked that he was still assessing the nature of the corrective formation. Egrag Crypto opined that XRP is witnessing an irregular and expanded flat corrective formation. Typically, for an expanded or irregular formation to play out, the B wave must surpass the starting point of the A wave, which he noted has occurred in this case.

As to how this corrective wave could play out, Egrag Crypto anticipates that wave E may dip below $1.77, setting up a potential bear trap. However, before wave E concludes, he remarked that there needs to be a bull trap targeting around $3.7 to $3.9. He warned market participants that this correction could exceed 50%.

How Wave 3 And 4 Could Play Out

For Wave 3, Egrag Crypto noted that, as the most impulsive wave, it stands out clearly fueled by overwhelming bullish sentiment. In accordance with the Elliot Wave Theory, the analyst noted that wave 3 typically extends to 1.618 times the length of wave 1. Since the XRP price rallied 510% on wave 1, the crypto could witness an 800% to 1,000% on wave 3, which would send it to between $17 and $20.

For the corrective wave 4 move, the crypto analyst noted that XRP typically retraces between 14.6% and 38.2% of wave 3. During this period, Egrag Crypto remarked that new buying opportunities arise as prices consolidate sideways. He noted that volume typically drops, making this period a good buying point for those anticipating the wave 5 impulsive move.

The analyst predicts that XRP could drop to between $6 and $7 as it experiences a pullback of around 38.2%. He warned that this may frustrate traders due to the prolonged sideways movement.

How XRP Will Reach $66 On Wave 5

Based on the Elliot Wave Theory, wave 5 represents the final ascent in this upward trend, sending the XRP price as high as $66. Egrag Crypto noted that during this phase, there will be overwhelmingly positive news and a bullish sentiment surging through the market.

The analyst derived the price target of $66 based on various metrics of Wave count number 5. He stated that the range between inverse 1.236 and 1.618 times wave 4 indicates a price target between $20 and $29. Meanwhile, a rally of 510%, similar to the one experienced in wave 1 puts the XRP price at around $44.

Lastly, 61.8% of wave 1 and wave 3 position XRP at around $66. The analyst’s accompanying chart suggested that the crypto could reach this $66 price target between March and May.

Interestingly, legal expert Matt Hougan predicts the Ripple lawsuit will conclude between April and May. Therefore, this could be the catalyst for this parabolic rally for the XRP price.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.