XRP, RippleNet’s native coin, has fallen victim to a gloomy crypto market. Currently trading below the significant $0.50 level, XRP seems to follow the bigger market trend. Although a recent analysis by market expert Tylie Eric gives some hope for Ripple holders, based on a technical indication, she projects a possible price climb.
Eric argues that XRP’s price swings might be in line with an Elliott Wave theory historical pattern. This perspective holds that market trends follow a five-wave pattern, whereby every wave relates to a distinct phase in the price cycle. Eric says Ripple has shown this five-wave pattern many times in the past on different weekly charts. Particularly, the fifth and last wave of this tendency produced a clear price increase every time it started.
XRP Eric’s Historical Analysis And Price Projection
Eric points to early 2017 when the completion of the fifth wave set off a surge that drove Ripple to a high of $0.39, an incredible 7,700% rise. A brief consolidation period preceded this rise, producing yet another explosive surge to $3.30.
Drawing on past performance, Eric thinks XRP is reaching the end of another five-wave pattern that started following the 2017 price dip. According to his research, all four previous waves have unfolded within the past six years, opening the path for a possible fifth wave that would reflect the explosive growth seen in 2017.
Eric’s aggressive projection stems from his conviction that the fifth wave will once more cause a notable price increase. With a remarkable 7,630% rise shown on his chart, XRP would be driven towards an incredible $36 price target. This prognosis fits those of other analysts, such as CryptoInsightUK, who last September projected an Ripple price increase to $34.
Eric’s research helps XRP holders take solace as the market waits. They hope history will truly repeat itself and generate yet another amazing increase.
