Crypto analyst Austin has commented on how XRP could post a 1,500% rally to $24 based on a Elliot Wave Theory. He also stated that the rally will be quick, which is why the analyst warned investors to be prepared once the current correction is over.
XRP expects a 1,500% rally to $24 as analysts warn investors to be prepared
In one X messageAustin shared an accompanying chart showing that XRP could rise to $24 on Wave 5 of an Elliot Wave analysis. Meanwhile, the altcoin is expected to rise between $8 and $14 during Wave 3, which the analyst believes will happen soon. He noted that XRP is well positioned to get started macro 3rd wave do price discovery at any time.
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Austin went on to say that the XRP rally on this Wave 3 it could well be that it may take a while for this correction to wear off before the next impulse. However, he warned investors to be prepared because when this correction passes, and he is confident it will, it will result in rapid and violent moves to higher prices, just like the Wave 1 move.
The analyst also noted that the 2,618 extension is at $8.47, while the 4,236 extension is at $13.64. He stated that these are both good goals to aim for, but expect higher prices given the time XRP has consolidated and built out its current structure.
Why XRP is poised to ‘explode’ in price discovery
Austin stated that on a macro scale, XRP looks ready to discover its price at any moment. He explained that the altcoin has gone through a seven-year contract triangle accumulation structure followed by an explosive 5-wave breakout to test the all-time highs (ATHs) of Macro Wave 1.
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The analyst further noted that XRP has been in an ABC correction/reaccumulation for over a year, which has resulted in mass fear and capitulation to a retrace from .702 to .786. He assured that this was nothing but a macro wave 2. Meanwhile, Austin also reminded investors that XRP is the only crypto asset with complete regulatory clarity in the US following the settlement of the SEC lawsuit.
He added that Ripple has quietly continued to build out the infrastructure needed to drive global adoption when the time comes to “flip the switch.” Notably, the crypto company has recently been roadmap for institutional DeFi on the XRP Ledger (XRPL), highlighting XRP’s role at the core of this infrastructure as it rolls out compliance-focused features to attract institutions.
At the time of writing, the XRP price is trading around $1.44, up in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com