Egrag Crypto, a renowned cryptocurrency analyst on social media platform X, recently shared an sanguine XRP price forecast. According to the analyst, technical analysis of the XRP price on a weekly basis suggests that XRP is on track to reach the price target of $15 by May 5, 2025.

The analysis, which is based on Fibonacci levels and Elliott Wave theory, offers a long-term bullish outlook for the altcoin despite its recent decline over the past week. This is because of the price of XRP shows a downward trend for seven days along with the rest of the cryptocurrency market.

Fibonacci and Elliott wave analysis for XRP

According to Egrag Crypto, the 1.618 Fibonacci level indicates that May 5, 2025 could be a key date for XRP’s price trajectory in the long term. His technical analysis uses automatic Fib and Fibonacci time zones based on trends on the weekly XRP price chart.

What’s engaging is this schedule closely matches the general mood around XRP, as many cryptocurrency participants are currently looking forward to a rally in the first half of 2025. In this regard, the analyst also noted that it is uncertain whether the projected rise to $15 will occur before or after this projected date.

Talking about the price schedule, the target amount of $15 is based on actual calculations and Elliot wave theory. According to the analyst, XRP is currently in Wave 4, which is the second corrective phase in the Elliot Wave theory. Once this phase is completed, the next major move is expected to be Wave 5. Wave 5 is traditionally known as the third impulse wave that pushes the asset price to recent highs.

To estimate the size of Wave 5, the analyst examined the performance of previous impulse waves 1 and 3. It is worth noting that Waves 1 and 3 highlighted price increases of 63.39% and 570%, respectively.

Using these numbers, Egrag Crypto applied the common Elliott wave rule, which suggests that Wave 5 often accounts for 61.8% of the combined profits of Waves 1 and 3. Using this school of thought and numbers, Wave 5 is expected to result in a roughly 391% escalate in XRP prices. As for the price target, that puts it at a price range of around $15.

Is the long-term upward trajectory still valid for XRP?

Despite XRP’s current decline over the past seven days, reflecting the broader market downturn, this technical analysis provides a counterpoint to the near-term bearish outlook. XRP, in particular, has been dwindling since it peaked at $2.82 on December 3.

As of this writing, XRP is struggling to regain the $2.20 price level and remains stagnant facing sales pressure among some owners. Cryptocurrency nonetheless fundamentals point to bullishand could easily resume price increases at any time.

At the time of writing, the price of XRP is $2.18

Featured image from Outlook Business, chart from TradingView