XRP is currently showing strong potential for a major price rally, according to recent analysis by the well-known crypto analyst EGRAG. He has compared XRP’s price movement with its historical behavior during the 2017 bull run, specifically through the lens of the Elliott Wave theory. EGRAG’s analysis suggests that XRP may be on the verge of a significant upward move, which could potentially see the cryptocurrency reaching between $24 to $110, depending on how the market progresses.

EGRAG’s analysis places XRP in the second wave of a five-wave Elliott Wave structure, a pattern that typically signals major price movements. In Elliott Wave theory, Wave 1 represents the initial move, often characterized by a large price surge, followed by a corrective Wave 2. This second wave often retraces a portion of Wave 1 before the market enters Wave 3, the phase that typically produces the most explosive gains. Currently, XRP is experiencing volatility within Wave 2, with prices facing resistance around the crucial $2 level. This retracement phase is expected, and the asset could see further price fluctuations before it enters the next, more powerful phase.

The key observation in EGRAG’s analysis is that XRP has been forming a cup pattern, which is seen as a bullish structure, and aligns with expectations of an upcoming breakout. He dubbed this pattern the “just do it” structure because of its resemblance to the Nike swoosh, signaling that a major price move is likely. The analyst forecasts that if XRP can break past $2.50, the price could quickly rise to around $13 in the short term. However, the real excitement lies in the long-term potential, with EGRAG projecting that the third wave of this cycle could send XRP into the double or even triple digits, similar to the 2017 rally.

To further support his argument, EGRAG examined the performance of XRP in the first wave of the current cycle, which saw an impressive 733% increase in price. By applying the standard Elliott Wave extension rule, EGRAG anticipates that Wave 3 could extend by 1.618 times the first wave’s gain, suggesting a potential price surge of up to 1,185%. This would push XRP’s price toward the $22 to $24 range. However, Wave 3 is likely to be followed by a corrective Wave 4, which typically retraces 14.6% to 38.2% of the gains from Wave 3. In the most aggressive scenario, Wave 4 could see a drop to around $8, representing a 65% decline from the projected peak of Wave 3.

Looking even further ahead, EGRAG suggests that the final wave, Wave 5, could see even more dramatic price movement. He outlined three possible targets for XRP in this final phase: between $32 and $48 if Wave 5 extends by 1.236% to 1.618% of Wave 4’s length, between $60 and $70 if Wave 5 mirrors the magnitude of Wave 1, and an even more speculative target of $95 to $110 if Wave 5 follows a 61.8% extension of Waves 1 and 3. These targets, particularly the higher-end estimates, are highly speculative but point to the significant upside potential if the Elliott Wave theory proves accurate.

EGRAG also compared the current cycle to XRP’s price behavior in 2017, noting several similarities. During that year, XRP experienced a massive rally, which was also marked by an initial strong wave, followed by a correction and then a subsequent surge in prices. EGRAG believes that the first wave in the current cycle mirrors the 2017 rally and that Wave 2’s retracement is following a similar pattern, though not as deep as in 2017. According to his analysis, Wave 3 could push XRP to $22–$24, aligning with the price peak seen in 2017.

Despite potential corrections in Wave 4, where XRP may dip to around $8, EGRAG is confident that the final wave of the cycle could lead to XRP reaching new all-time highs. He acknowledges that the worst-case scenario for Wave 4 could bring XRP as low as $3.40, but he believes that $8 is the more likely bottom. As of now, XRP is trading at $2.23, showing a 3.5% gain over the past 24 hours. Investors are eagerly watching XRP’s price action, as the Elliott Wave pattern could set the stage for one of the most significant rallies in the cryptocurrency’s history.