Crypto analyst Austin commented on how XRP could see a 1,500% surge to $24 based on Elliot wave theory. He also stated that growth will be rapid, so the analyst cautioned investors to be prepared when the current correction comes to an end.
XRP expected to surge 1,500% to $24 as analyst warns investors to be prepared
In Post XAustin shared the attached chart showing that XRP could rise to $24 in wave 5 of the Elliot Wave analysis. Meanwhile, the altcoin is expected to reach $8 to $14 in Wave 3, which analysts believe will happen in the near future. He noted that XRP is well positioned to launch macro, third wave in price discovery at any time.
Austin mentioned this further XRP rally on this Wave 3 may be just around the corner or that it may take a little longer to work out this correction before the next impulse. However, he warned investors to be prepared because when the correction subsides, which he is sure it will, it will result in quick and keen moves towards higher prices, similar to what happened in wave 1.
The analyst also noted that the extension at 2.618 is $8.47 and the extension at 4.236 is $13.64. He said these are good goals to aim for, but he expects higher prices given the amount of time XRP has been taking to consolidate and build up its current structure.
Why XRP is poised to break into price discovery
Austin said that on a macro scale, XRP appears to be ready for a price discovery at any moment. He explained that the altcoin experienced a 7-year contraction triangle structure of accumulation followed by an explosive 5-wave breakout that tests all-time highs (ATH) in macrowave 1.
The analyst further noted that XRP has been in the ABC correction/reaccumulation phase for over a year, which caused mass fear and capitulation to the retracement from 0.702 to 0.786. He assured that this is nothing less than macrowave 2. Meanwhile, Austin also reminded investors that XRP is the only crypto asset with full regulatory transparency in the US after settlement SEC lawsuit.
He added that Ripple continues to quietly build the infrastructure necessary to support global adoption when the time comes to “flip the switch.” It is worth noting that the crypto company recently presented its own roadmap for institutional DeFi on the XRP Ledger (XRPL), highlighting XRP’s role at the core of this infrastructure as it implements regulatory compliance-oriented features to attract institutions.
At the time of writing, XRP is trading at around $1.44, up over the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
