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Cryptocurrency analyst Mr. Xoom stated that XRP may enter the final phase of its current bullish cycle.

Using Elliott Wave theory, it indicates that XRP is no longer in the third wave, as some traders believe. He sees that XRP has already moved to the fifth wave, which is the final phase of the five-wave pattern.

The third wave was the major breakout

In his analysis, Mr. Xoom confirmed that the third wave is typically the strongest and longest upward wave in the cycle. He noted that the price of Ripple has already risen from around $0.50 to $3.39 during this wave, marking a notable increase of 575%.

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For context, this breakout occurred in early November when XRP was last seen at $0.49 and continued to surpass $3 by late January.

After that, the XRP market entered the fourth wave, a corrective phase that reinforced the gains before paving the way for the next move. Notably, during this period, the price of XRP lost the $3 level, fell below $2, and then touched $1.60 in April.

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From this point, optimists entered, and the price of XRP has risen significantly since then. According to Mr. Xoom's chart, XRP completed the fourth wave at a low of $1.60, starting the fifth wave.

In Elliott Wave theory, the fifth wave often achieves significant gains. In fact, since XRP hit its low in April, it has reached its highest level so far.

Specifically, the price of XRP rose to $3.66 in mid-July, a price level not seen in nearly eight years. This represents a recovery of approximately 129% from its low in April. Although XRP has cooled a bit, Mr. Xoom indicates that the path to much higher prices is still in place.

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The last push could see the price of XRP reach $7-10

Mr. Xoom expects the final rise could push the price of XRP between $7 and $10. With XRP trading at $3.31 at the time of publication, these promising forecasts suggest a potential rise of between 111% and 202% from current levels.

The analyst pointed out that although this rise may not match the intensity of the third wave, it could represent an important peak for the current market cycle. In another context, a price of $7 would raise the market cap of XRP to $415 billion, which is close to Netflix and Mastercard valuations.

Meanwhile, a price of $10 for XRP would imply a market value of around $600 billion, rivaling Visa's valuation.

Supporting analysis

Similarly, other market watchers have used Elliott Wave theory to predict peak prices for XRP above $10.

In April, XForceGlobal, the first certified Elliott Wave analyst in Korea, predicted that XRP was poised for a major breakout to $10 or more. He pointed to a completed corrective pattern of Elliott Waves (WXY) and the beginning of a broader bullish cycle.

Meanwhile, in June, using Elliott Wave analysis and Fibonacci extensions, analyst EGRAG predicted the target for wave 5 between $9 and $10, with the potential extension to $27 if momentum continues.