Crypto expert XForceGlobal has issued a new bullish forecast for the XRP price, predicting that the third-largest cryptocurrency is gearing up for its biggest rally yet. With the Elliott Wave Theory as the key indicator for this move, the analyst believes that XRP could soon see a potential surge between $20 and $30 this bull cycle.
XRP Price Forecasted To Rise To $27
In his video analysis posted on X social media, XForceGlobal predicted that XRP is on the cusp of an explosive breakout to $27. The market expert began his analysis by highlighting that XRP’s volatility has crashed to rock bottom, marking the first time in the cryptocurrency’s history that it has reached such levels.
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Currently, the cryptocurrency is trading close to all-time highs and has been moving within a tight range between $1.5 and $3.8 for six months. XForceGlobal calls this trade range an “unprecedented price action,” which XRP has never experienced on the macro level.
XForceGlobal also noted that XRP’s persistent range-bound trading is likely due to investors refusing to sell off their tokens. He revealed that nearly all momentum indicators are aligning in favor of a move toward new all-time highs. More importantly, signals from the Elliott Wave Theory support that XRP may be on the verge of a powerful breakout soon.
Using this theory, XForceGlobal explains that XRP is currently entering Wave 3 after experiencing a five-wave move that triggered a surge from $0.37 to above $2.4, followed by a three-wave correction toward $1.5. The analyst explained that within the Elliott Wave Theory, Wave 3 is typically the strongest and longest wave. As a result, he predicts that the XRP price is likely going to hit an initial target around $16.3 soon, making it significantly more profitable than the historic December breakout, when the cryptocurrency surged from its long-held $0.5 range to above $2.
Following the completion of Wave 3, XForceGlobal predicts that XRP will possibly experience a crash toward $6 in Wave 4. After this correction, the cryptocurrency is expected to begin forming Wave 5, which is where its price is projected to skyrocket toward $27.
XRP Alternative Bullish Case
During his video analysis, XForceGlobal suggested that while XRP could potentially surge to between $20 and $30 in Wave 5, this outcome isn’t guaranteed. If it does not play out, the alternative scenario involves a much longer corrective phase within a flat structure. This is anticipated to be followed by a potential breakout above $4 in Wave 3 before a much powerful rally into the double-digit territory.
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He predicts that once XRP climbs above $4, it could undergo a sharp correction down to $1.56, representing wave c of the five-wave impulse move. Notably, XForceGlobal admitted that it is still challenging to determine which of the two bullish scenarios is more likely to unfold at this time. However, the analyst emphasizes that regardless of which scenario unfolds, XRP will still be aiming for the upside and retesting the $4 level.
Featured image from Getty Images, chart from Tradingview.com
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