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The XRP price break above the $1 and $2 price levels in recent weeks has put the cryptocurrency on the most bullish trajectory since 2018. Although the XRP price is seemingly consolidating since this notable run, analysts continue to anticipate another remarkable run-up that would eventually see it breaking into new all-time highs.
According to an analysis on the TradingView platform, the XRP price is well on track to reach double digits in the coming years. Particularly, the analyst emphasized the role of the Supercycle Elliott Wave counts in predicting XRP’s price trajectory and suggested that the cryptocurrency might never drop below the $1 mark until the onset of the next bear market.
XRP Price Chart Exhibits Supercycle Elliot Waves
According to the analysis, XRP’s recent surge has seen the cryptocurrency breaking out of a consolidation pattern that has been in play for over 5.5 years. This consolidation, which started sometime around January 2018, has been highlighted by a series of lower highs and higher lows, resulting in the XRP price trading in an increasingly tightening range.
Interestingly, this consolidation pattern followed a series of Elliot waves in the Elliott Wave Theory. The consolidation pattern played out a lesser a, b, c, d, and e movement, essentially completing the five-impluse wave pattern. However, these five impulse waves are subwaves of a larger corrective impulse wave on the XRP Supercycle.
Notably, the minor five-impulse wave movement corresponds to the fourth wave in the supercycle, which is a phase considered corrective in Elliott Wave Theory. Since 2014, XRP’s price chart has exhibited a clear supercycle wave structure, with this fourth wave representing a period of market correction and consolidation. Therefore, its conclusion has now paved the way for the start of the fifth wave in the supercycle.
Ambitious Double-Digit Targets For XRP Price
As it stands, the XRP price is in the process of playing out the bullish fifth impulse wave in the large supercycle. According to Eliot Wave theory, Wave 5 is going to be the last major bullish wave before another bear market sets in. Looking ahead, the analyst dubbed 2025 a “legendary year,” predicting swift transitions between these market phases.
Wave 3 was highlighted by a 113200% move from $0.003 until it reached its current all-time high of $3.40. If the current Wave 5 follows a similar trajectory, XRP’s price could ascend well into double-digit territory. Using the Fibonacci extension indicator, technical analysis suggests an XRP price target exceeding $60 in the coming years. This price target, although very ambitious, plays into the current bullish sentiment surrounding the XRP price.
At the time of writing, XRP is trading at $2.33
Featured image created with Dall.E, chart from Tradingview.com
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