Cryptocurrency analysts say that the price of XRP is reflecting the 2017 cycle, "27 dollars then 120 dollars"

XRP is set to surge to $120, according to renowned crypto analyst EGRAG CRYPTO. On the social media platform X, the analyst shared a new chart detailing the bullish outlook for XRP, indicating that this cryptocurrency is returning to a path similar to the explosive price surge of 2017. However, this time, the trajectory could be even more impressive, as the chart accompanying his post outlines a long term Elliott Waves pattern, initially pointing to a price level of $27 and ultimately an astonishing price of $120. Echoes of 2017: XRP returns to the cycle that pushes the price to an all-time high The bullish cycle of 2017 is one of the most iconic periods in the history of XRP. During this period, the price of XRP surged from below $0.01 to an all-time high of $3.84, driven by the broader cryptocurrency market bubble, exchange listings, and speculation surrounding Ripple's adoption in financial institutions. The bullish phase follows the classic Elliott Waves impulse structure, with five distinct waves characterized by short consolidation phases before each major bullish move. By the beginning of 2018, the bubble burst and XRP, like the rest of the cryptocurrency market, entered a prolonged bearish phase. EGRAG CRYPTO's post suggests that XRP is currently following a pattern similar to the one in 2017. In particular, the analyst notes that XRP is currently in the process of forming the second wave, which is the retracement of the bullish momentum of Wave 1. This bullish Wave 1 is characterized by XRP's surge to $3.4 during the period from Q4 2024 to January 2025. On the other hand, Wave 2 is characterized by a price correction since January, bringing the price of XRP back to trading levels around $2.

Now, the next step is for wave 3 to begin forming. Based on traditional Elliott Wave ratios, this wave tends to expand significantly, often measuring 161.8% of wave 1. According to EGRAG, the price of XRP is expected to end wave 3 at a level above double digits at some point during the summer of 2025. At that time, the analyst has predicted a peak at around $27, nearly ten times its current trading price. After that, his outlook predicts a wave 4 correction lasting several years, setting the stage for the final wave 5 expansion that could push XRP to break into triple digits. Long term target $120 According to his prediction, the level of 27 dollars will mark the completion of Wave 3, followed by a Wave 4 correction that could last three years. This correction will be very brutal and will cause the price of XRP to hit a bottom of around 5.50 dollars. After this consolidation phase, the formation of Wave 5 will push XRP to new highs once again and continue to move at the same pace as Wave 1 or 61.8% of Wave 1 + Wave 3. If it occurs as EGRAG expects, XRP will break into the three-digit range and eventually peak around 120 dollars.

As of the time of writing, XRP is trading at $2.19, up 2% in the past 24 hours. Reaching price targets of $27 and $120 would correspond to increases of 1,132% and 5,380% from the current price.