Crypto analyst Austin has commented on how XRP could record a 1,500% rally to $24 based on an Elliot Wave theory. He also stated that the rally will be swift, which is why the analyst warned investors to be prepared when the current correction is over.
XRP Eyes 1,500% Rally To $24 as Analyst Warns Investors To Be Prepared
In an X post, Austin shared an accompanying chart showing that XRP could rally to $24 on Wave 5 of an Elliot Wave analysis. Meanwhile, the altcoin is expected to reach between $8 and $14 on Wave 3, which the analyst expects to happen anytime soon. He remarked that XRP is well-positioned to begin the macro 3rd wave into price discovery at any moment.
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Austin further mentioned that the XRP rally on this Wave 3 could be right around the corner or that it could take a while longer to work out this correction before the next impulse. However, he warned investors to be prepared because when this correction resolves, which he is confident it will, it will result in swift and violent moves to higher prices just like the Wave 1 move.
The analyst also noted that the 2.618 extension sits at $8.47 while the 4.236 extension is at $13.64. He stated that these are both good targets to aim for, but expects higher prices given the length of time XRP has been consolidating and building out its current structure.
Why XRP Is Ready To “Blast” Into Price Discovery
Austin stated that on the macro scale, XRP appears ready to enter price discovery at any moment. He explained that the altcoin has experienced a 7-year contracting triangle accumulation structure followed by an explosive 5-wave breakout to test the all-time highs (ATHs) at Macro Wave 1.
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The analyst further noted that XRP has been in an ABC correction/reaccumulation for over a year, which has resulted in mass fear and capitulation down to a .702 to .786 retrace. He assured that this has been nothing but a macro wave 2. Meanwhile, Austin also reminded investors that XRP is the only crypto asset with complete regulatory clarity in the U.S. following the settlement of the SEC lawsuit.
He added that Ripple has continued to silently build out the infrastructure required to foster global adoption when the time is right to “flip the switch.” Notably, the crypto firm recently unveiled its roadmap for institutional DeFi on the XRP Ledger (XRPL), highlighting XRP’s role at the core of this infrastructure as it rolls out compliance-focused features to attract institutions.
At the time of writing, the 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
