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Egrag Crypto, a well-known crypto analyst on social media platform X, recently shared an optimistic price prediction for XRP. According to the analyst, technical analysis of XRP price on the weekly time frame suggests that XRP is on track to reach a price target of $15 by May 5, 2025.
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The analysis, which has its roots in Fibonacci levels and Elliott Wave theory, offers a long-term bullish outlook for the altcoin despite its recent decline last week. This is because the XRP price has been in decline from the last seven days along with the rest of the cryptocurrency market.
Fibonacci and Elliott wave analysis for XRP
According to Egrag Crypto, the 1,618 Fibonacci level indicates that May 5, 2025 could be a crucial date for the long-term price trajectory of XRP. His technical analysis uses Auto Fib and trend-based Fibonacci time zones on the XRP weekly price chart.
Interestingly, this timeline is in line with the general sentiment around XRP, as many crypto industry participants currently expect a rise in the first half of 2025. Therefore, the analyst also noted that it remains uncertain whether the expected rise to $15 will occur before or after this expected date.
Speaking of price timing, the $15 target is based on actual calculations and Elliot wave theory. According to the analyst, XRP is currently in Wave 4, which is the second corrective phase of the Elliot Wave theory. Once this phase is completed, Wave 5 is expected to be the next major move. Wave 5 is traditionally known to be the third impulse wave that pushes the asset price to new highs.
To estimate the magnitude of wave 5, the analyst examined the performance of previous impulse waves 1 and 3. In particular, waves 1 and 3 were highlighted by price increases of 63.39% and 570%.
Using these figures, Egrag Crypto applied a common Elliott Wave principle that suggests that Wave 5 often equates to 61.8% of the combined gains of Waves 1 and 3. Applying this school of thought and plugging in the numbers, Wave 5 is expected to result in an approximate price increase of around 391% for XRP. In terms of price target, this translates to a price range around $15.
Is a long-term bullish trajectory still valid for XRP?
Despite XRP’s current decline over the past seven days, which mirrors a broader market downturn, this technical analysis provides a counterpoint to the short-term bearish outlook. Notably, XRP has been declining since peaking at $2.82 on December 3.
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At the time of writing, XRP is struggling to regain the $2.20 price level and still is faced with selling pressure among some owners. However, that of cryptocurrency fundamentals are bullishand it could easily resume its price hike any time soon.
At the time of writing, XRP is trading at $2.18
Featured image of Outlook Business, chart by TradingView