XRP Wave 3 Rally Could Push Price to $31.19 Analyst Says

XRP is currently trading near $1.49 on the monthly chart, and crypto analyst EGRAG CRYPTO believes the asset is at the start of a major structural move. Applying Elliott Wave theory, he argues that XRP is in the early stages of Wave 3, a phase he describes as the beginning of a significant rally. His analysis spans over a decade of XRP's price history, mapping a five-wave impulse structure.

According to EGRAG CRYPTO, Wave 1 occurred between 2014 and 2017, followed by Wave 2 as a correction. Wave 3 then led to a substantial rally into early 2018, followed by Wave 4 and an extended Wave 5 peak. The recent price action, labeled as an ABC correction, is seen as a completed Wave 2 reset within a new, higher-degree five-wave cycle, with the correction bottoming out around $0.96.

The analyst outlines three price targets for Wave 3 based on Fibonacci extension levels: $8, $15.09, and $31.19. He notes that Wave 3 typically extends to 161.8% of Wave 1 and that Wave 2 retracements usually fall between 50% and 85.4% of Wave 1. Confirmation of his wave count requires XRP to surpass the previous high in the $3.40 to $3.50 range, a level not yet reached.

EGRAG CRYPTO emphasizes that Wave 3 is not the final move in the cycle. His macro roadmap extends beyond 2028, envisioning further corrections and expansions. He cautions that his analysis reflects his personal opinion and does not constitute investment advice.