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Ripple Ticked All Boxes To Reach $35 According To Analyst — How Likely Is This?

Last Updated July 5, 2024 9:50 AM
Nikola Lazic
Last Updated July 5, 2024 9:50 AM

Key Takeaways

  • Ripple’s price has fallen over 8% in the past few days.
  • Analysts predicted XRP could reach $35 by 2025.
  • XRP struggled despite the market’s upward trend.

The price of Ripple fell over 8% since yesterday, dropping to its lowest point since April 13. Despite this, some analysts are bullish, pointing out the similarities with its 2017 cycle. 

According to this analyst, XRP could be set for a major rally, reaching $35 by the end of the current bull cycle. Let’s examine this possibility. 

XRP To $35 Scenario 

Financial analyst Tylie Eric suggested  on X that XRP  might repeat its historic 2017 rally, where it surged 1,400% in 12 months compared to Bitcoin’s 100% increase. Eric points to a cyclical pattern, noting a double bottom pattern at the $0.00514 mark in 2017, which led to a spike to $0.3. He believes a similar pattern at the $0.49929 mark in 2024 could drive prices to $35.2, with conservative estimates suggesting a peak in late 2025.

XRP
XRP $35 Target | Credit: Tylie Eric/X

A double-bottom pattern often signals a major trend change and is a strong support level for a potential rally. Eric believes XRP is following a similar trajectory to 2017, positioning it for a continued rise.

XRP Price Analysis 

Ripple’s price hit an all-time high of just over $3 in January 2018, followed by a multi-year bear cycle that bottomed at $0.10 in March 2020. During the subsequent bull market, XRP reached a lower high of $2 in April 2021 and later established a higher low of $0.30 in June 2022 during the next bear market.

XRP
XRPUSD | Credit: Nikola Lazic/Tradingview

Since the crypto market entered a new bull phase in November 2023, XRP has recovered but peaked at a lower high of $1 in July 2023. Despite the broader market’s upward trend, XRP has struggled and has been trading below $0.50 since April 13, 2024.

This price action aligns with XRP approaching the apex of a symmetrical triangle, with resistance anchored at its all-time high and support from the March 2020 low. On a weekly chart, this entire movement from the all-time high could represent a prolonged wave 4 of the highest degree, suggesting the next bullish wave is still to come.

According to the Elliott Wave Principle, wave 3 is typically the strongest, indicating that the anticipated wave 5 could be a 0.618 Fibonacci extension, targeting a price of around $10. This target is further validated by projecting the length of XRP’s first wave from August 2013.

XRP must break above the symmetrical triangle’s resistance to confirm this bullish outlook. A downside breakout could see XRP falling to the $0.30 area, but an upside breakout could signal the beginning of its advance to a new all-time high.

Conclusion

Examining the chart provided by Tylie Eric and providing a similar context in our analysis, we can see that although this scenario has large upside potential, our target is more modest. The projected target of $35 assumes XRP will make its next bullish advancement in the same manner as in 2017, which is highly unlikely. If XRP does make another bullish advancement, it could be its wave 5 of the highest degree count, which usually comes as the same length as the first wave if wave 3 is extended like it was in 2017. This makes a $10-12 target more probable, which would still be an astonishing 2,200% increase from the current levels. 

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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