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The price of XRP, the native token of RippleNet, has been caught in the crosshairs of a bearish crypto market. Currently trading below the crucial $0.50 mark, <a href="https://www.coingecko.com/en/coins/xrp" target="_blank" rel="noopener nofollow">XRP</a> seems to be following the broader market trend. However, a recent analysis by market analyst Tylie Eric throws a glimmer of hope for XRP holders, predicting a potential price surge based on a technical indicator. 
<h2 id="strong-understanding-elliott-wave-theory-strong">Understanding Elliott Wave Theory</h2> 
Eric argues that XRP’s price movements might be following a historical pattern known as the <a href="https://x.com/TylieEric/status/1803777697471967602/photo/1" target="_blank" rel="noopener nofollow">Elliott Wave theory.</a> This theory proposes that market trends unfold in a specific five-wave structure, with each wave representing a distinct phase in the price cycle. 
According to Eric, XRP has exhibited this five-wave structure on multiple occasions in the past on its weekly chart. Notably, each time this pattern materialized, the fifth and final wave culminated in a significant price increase. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#XRP</a>. 
 BEAT BY BEAT I think XRP has ticked all the boxes and held all requirements to continue with wave 3 of wave 5, Same way it did in 2017! <a href="https://t.co/qqexAC7b1X" rel="nofollow">pic.twitter.com/qqexAC7b1X</a> 
 — Tylie E (@TylieEric) <a href="https://twitter.com/TylieEric/status/1803777697471967602?ref_src=twsrc%5Etfw" rel="nofollow">June 20, 2024</a>
</blockquote> 
Eric cites the example of early 2017, where the completion of the fifth wave triggered a surge that propelled XRP to a high of $0.39, a staggering 7,700% increase. This upswing was followed by a brief consolidation period before another decisive rally to $3.30. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-626031" src="https://www.newsbtc.com/wp-content/uploads/2024/06/A_e74052.png?resize=1024%2C609" alt="" width="1024" height="609" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/A_e74052.png?resize=1024%2C609?w=1396 1396w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_e74052.png?resize=1024%2C609?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_e74052.png?resize=1024%2C609?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_e74052.png?resize=1024%2C609?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_e74052.png?resize=1024%2C609?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_e74052.png?resize=1024%2C609?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<h2 id="strong-a-potential-fifth-wave-strong">A Potential Fifth Wave?</h2> 
Building on this historical precedent, Eric believes XRP is nearing the conclusion of another five-wave structure that began its formation after the 2017 price drop. His analysis suggests that all four preceding waves have unfolded over the past six years, paving the way for a potential fifth wave that could mirror the dramatic rise witnessed in 2017. 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/KxbraAjV/" width="1835" height="883"> 
Eric’s audacious prediction hinges on the assumption that the fifth wave will again translate to a substantial price increase. His chart projects a potential upsurge of a staggering 7,630%, which would propel XRP to a price target of a phenomenal $36. This prediction aligns with forecasts from other analysts like CryptoInsightUK, who projected an XRP price surge to $34 last September. Long Way Ahead 
Eric’s prediction hinges on the completion of the Elliott Wave structure, a technical theory that remains a subject of debate among financial experts. Furthermore, the $36 price target appears highly ambitious. It’s important to remember that achieving such a price point would require XRP to surpass the current market capitalization of all cryptocurrencies combined. 
Featured image from Getty Images, chart from TradingView

Forget The Dip! XRP Primed For Epic Rally To $36, Expert Claims

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