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Egrag Crypto, a well-known crypto analyst on the social media platform X, recently shared an optimistic price prediction for XRP. According to the analyst, the technical analysis of the XRP price on the weekly time frame suggests that XRP is on track to reach a price target of $15 by May 5, 2025.
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The analysis, which is rooted in Fibonacci levels and Elliott Wave theory, offers a bullish long-term outlook for the altcoin despite its recent decline over the past week. This is due to the XRP price is declining since the past seven days alongside the rest of the crypto market.
Fibonacci and Elliott Wave Analysis for XRP
According to Egrag Crypto, the Fibonacci level of 1,618 indicates that May 5, 2025 could be a crucial date for XRP’s long-term price trajectory. His technical analysis uses auto-Fib time zones and trend-based Fibonacci on the weekly XRP price chart.
Interesting, this timeline closely matches the general sentiment around
Speaking of the price timeline, the $15 target is based on actual calculations and the Elliot Wave theory. According to the analyst, XRP is currently in Wave 4, the second corrective phase in the Elliot Wave theory. Once this phase is complete, Wave 5 is expected to be the next big step. Wave 5 is traditionally known as the third impulse wave that pushes the asset’s price to new highs.
To estimate the size of wave 5, the analyst examined the performance of the previous impulse waves 1 and 3. Notably, waves 1 and 3 were highlighted by price increases of 63.39% and 570%, respectively.
Using these figures, Egrag Crypto has applied a common Elliott Wave principle that suggests that Wave 5 often equals 61.8% of the combined profits of Waves 1 and 3. Applying this mindset and plugging in the numbers, Wave 5 is expected to result in a price increase of approximately 391% for XRP. In terms of a price target, this translates to a price range around $15.
Is a long-term bullish trajectory still valid for XRP?
Despite XRP’s current decline over the past seven days, which reflects a broader market decline, this technical analysis provides a counterbalance to the bearish near-term outlook. XRP in particular has been declining since its peak on December 3 at $2.82.
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At the time of writing, XRP is struggling to regain the $2.20 price level, and remains so facing selling pressure some holders. Nevertheless, the cryptocurrencies The fundamentals point bullishand it could easily resume its price increase in the short term.
At the time of writing, XRP is trading at $2.18
Featured image from Outlook Business, chart from TradingView
