Ripple's XRP, one of the top-performing cryptos last year, is trading between $2.15 and $2.30.

XRP Continues To Weather The Storm. Egrag Crypto's latest price analysis and projection for XRP come as the altcoin and the broader crypto market slump.

Rumors of President Donald Trump’s reelection last year briefly spurred Bitcoin (BTC) to new highs of $70k, briefly pushing the industry’s excitement to a fever pitch. However, in the early hours of January 17th, 2023, the token fell below the $60k handle, sparking a broader crypto market selloff that saw several major tokens like Binance Coin (BNB) and Cardano (ADA) decline sharply.

At the time, the crypto industry was buzzing with anticipation for the US president’s acceptance speech, which was expected to ignite a rally in the crypto market. Indeed, Trump’s victory in the 2020 presidential election had brought a surge in the crypto prices, with Bitcoin soaring to new heights.

As the crypto market continues to slump, a few commentators and analysts expect that Ripple (XRP) is due for a major rally.

Among them is crypto analyst Egrag Crypto, who is known for his technical analysis and predictions on various cryptocurrencies.

Recently, Egrag compared Ripple’s current Elliot Wave structure to its 2017 fractals, which suggests that XRP is set for another price run.

In his latest post, Egrag noted that XRP is still holding above the critical $2 price support, which suggests it’s following the classic five-wave Elliott Wave chart.

According to the analyst, XRP is currently in the second wave of the Elliot Wave structure, which is traditionally defined by high price volatility and corrections.

“We are still in the corrective wave two, which is used to predict the price run that can take XRP to five-digit figures or even over $100.”

According to Egrag, a Wave 2 usually retraces a part of Wave 1, with common retracement levels being 50%, 76%, or even 85.4% of the initial movement.

In the case of XRP, the asset has already begun to solidify its hold in the correction phase, facing bearish pressure as it prepares for a double bottom before moving into its Wave 3.

The analyst warns that Wave 3 is the most aggressive part of the cycle, characterized by increased volatility as the asset aims for the apex of the third wave.

Previously, XRP’s Wave 1 pattern submitted a huge 733% increase in price. And by using the Elliot Wave extension formula, the popular analyst projects that XRP’s Wave 3 can extend by 1.618x the gain of the first wave.

Using this calculation, Egrag offers a potential surge of 1,185x, translating to XRP’s price range between $22 to $24.

Once XRP hits the peak of Wave 3, the fourth wave follows, bringing a correction in price. For this stage, the retracement level ranges between 14% to 38.2% of Wave 3.

If this happens, Egrag predicts that XRP’s price can drop to $8.

Lastly, Wave 5 of the Elliot Wave follows, where price can be predicted using three methods.

First, if XRP’s price grows between 1.236% and 1.618%, the asset’s price can hit between $32 and $48.

Second, if Wave 5 replicates Wave 1, the price can be between $60 and $70.

Third, if there’s a 61.8% extension of the movements of Waves 1 and 3, then there’s a chance that XRP’s price can hit $100.