XRP has caught the attention of respected market analyst EGRAG, who sees the asset skyrocketing by an unprecedented margin to $27 based on a web of Elliott Wave patterns.

EGRAG based his recent analysis on three Elliott Wave patterns: a bigger one and two smaller ones. Each of the patterns comprises five waves. The bigger pattern started in 2013 and still remains intact. XRP is currently trading within Wave 3 of the bigger pattern. 

While the bigger pattern has persisted since 2013, XRP has navigated two smaller patterns since then. The first smaller pattern also started in 2013, but it ended in late 2017, with XRP completing its Wave 5 in December 2017. The second smaller pattern began in March 2020.

XRP is currently stuck within the second smaller pattern. However, in an interesting turn of events, the asset is trading in the Wave 3 of the bigger pattern and also in the Wave 3 of the second smaller pattern. EGRAG called attention to the significance of this Wave 3.

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Wave 3’s Significance 

According to the analyst, Wave 3 is always more prominent than other waves, commanding a bigger size and more influence than them. He noted that Wave 3 often witnesses favorable news, leading to a re-evaluation of price outlooks and a positive price momentum.

EGRAG further noted that prices witness rapid surges during Wave 3. Although these surges come with corrections, he stressed that the corrections are typically mild. 

The analyst emphasized that Wave 3 usually experiences a wave of unfavorable news at the outset, leading market sentiment to remain on the downside. However, as Wave 3 progresses, a noticeable shift in sentiment occurs, with market participants getting bullish on the asset.

In addition, EGRAG revealed that Wave 3 targets typically outweigh those of Wave 1 by a noticeable ratio of 1.618. This substantial difference indicates XRP’s potential to experience an observable price increase as it remains in Wave 3.

XRP to $27

Recall that XRP is stuck in Wave 3 of the bigger pattern and Wave 3 of the smaller pattern. The bigger pattern’s Wave 3 began in March 2020 after a correction. However, the smaller pattern’s Wave 3 started in June 2022. 

Interestingly, EGRAG expects XRP to rally to a high of $6.57 when it completes the Wave 3 of the smaller pattern. This target rests at the Fibonacci level of 1.618. Nonetheless, the analyst believes XRP would face another correction after hitting $6.57. This correction would mark Wave 4 of the smaller pattern.

The target to $27 would materialize shortly after, with XRP expected to clinch the price point when it completes Wave 5 of the smaller pattern. Hitting $27 would mark a 5,152% increase from XRP’s current price of $0.51. While XRP could hit $27 in the smaller pattern’s Wave 5, the asset would still remain within the Wave 3 of the bigger pattern.