Crypto analyst Austin has commented on how XRP could record a 1,500% rally to $24 according to a Elliot wave theory. He also stated that the rebound will be quick, so the analyst warned investors to be prepared when the current correction ends.
XRP sees 1,500% rally to $24 as analyst warns investors to be prepared
in a x publicationAustin shared an accompanying chart showing that XRP could rise to $24 in wave 5 of an Elliot Wave analysis. Meanwhile, the altcoin is expected to reach between $8 and $14 in Wave 3, which the analyst expects to happen soon. He commented that XRP is well positioned to start the third wave macro in price discovery at any time.
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Austin further mentioned that the XRP rally This Wave 3 could be just around the corner or it could take a little longer to resolve this correction before the next push. However, he warned investors to be prepared because when this correction resolves, which he is confident will happen, it will lead to rapid and violent moves towards higher prices, just like the Wave 1 move.
The analyst also noted that the 2,618 extension is at $8.47, while the 4,236 extension is at $13.64. He stated that both are good targets to aim for, but he expects higher prices given the time XRP has been consolidating and building its current structure.
Why XRP is ready to “explode” price discovery
Austin stated that on the macro scale, XRP appears ready to enter price discovery at any time. He explained that the altcoin has experienced a 7-year contraction triangle. accumulation structure followed by an explosive 5-wave breakout to test the all-time highs (ATH) in Macro Wave 1.
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The analyst further noted that XRP has been in an ABC correction/reaccumulation for over a year, resulting in massive fear and capitulation to a pullback from .702 to .786. He assured that this has been nothing more than a macro wave 2. Meanwhile, Austin also reminded investors that XRP is the only crypto asset with complete regulatory clarity in the US after the liquidation of SEC lawsuit.
He added that Ripple has continued to quietly build the infrastructure necessary to encourage global adoption when the time is right to “flip the switch.” Notably, the crypto company recently unveiled its roadmap for institutional DeFi on XRP Ledger (XRPL), highlighting XRP’s role at the core of this infrastructure as it implements compliance-focused features to attract institutions.
At the time of writing, XRP price is trading at around $1.44, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
