A well-known cryptocurrency analyst has predicted that the price of $XRP, the native token of the XRP Ledger, will soon reach $0.57, representing a 32% increase from the cryptocurrency’s current price of around $0.42.
According to cryptocurrency analyst Tara, the rise in the price of XRP should coincide with a rise in the price of Bitcoin (BTC), which will take the flagship cryptocurrency to the $35,400 mark as part of a larger cryptocurrency market movement.
The analyst’s price prediction appears to be based on Elliott Wave theory, which was developed by Ralph Nelson Elliott in the 1920s after he observed and identified “recurring, fractal wave patterns,” according to Investopedia.
These fractal wave patterns are based on mass psychology. The Elliott Wave theory is typically interpreted as five waves moving in the direction of a major market trend, which can be bullish or bearish, followed by three corrective waves. According to theory, the repetition of these patterns allows asset price movements to be predicted.
Elliott is credited with popularizing the theory after predicting the stock market’s bottom in 1935 after a 13-month correction. Wave 3 will take the flagship cryptocurrency to $35,4000 and XRP to $0.57, according to the crypto analyst, though her bullish target is $0.83, which would nearly double the cryptocurrency’s price.
The number of whales on the XRP Ledger has recently increased, according to CryptoGlobe, at a time when large investors have been aggressively accumulating the cryptocurrency, presumably anticipating a favorable outcome in the legal battle between Ripple and the US Securities and Exchange Commission.
According to Santiment data, which was first shared by popular cryptocurrency analyst Ali Martinez, there are 50 new whale addresses on the XRP Ledger, with holdings ranging from 10 million to 100 million XRP.
According to the analyst, large cryptocurrency investors have accumulated 420 million new tokens worth $155 million in the last month, indicating that whales are preparing for a large price movement.
