Ripple may be poised for another major move, and some analysts believe the next target could reach double digits. According to TheCryptoBasic on X, cryptocurrency analyst Xoom provided a detailed analysis of why the price of XRP could fluctuate between $7 and $10 in the coming months. His outlook is based on Elliott Wave Theory, a popular market analysis method that breaks price movements into predictable cycles.

Xoom's View on Elliott Waves on Ripple Price

According to Xoom, XRP has surpassed Wave 3 of the current bullish cycle. This is a crucial phase as Wave 3 is typically the strongest price increase in the pattern. According to his analysis, XRP rose from around $0.50 to $3.39 in Wave 3, marking a massive growth of 575%. This rally began in early November when XRP traded at $0.49 and peaked above $3 by the end of January.

Subsequently, the price of Ripple entered Wave 4, a corrective phase that caused the price to drop below $3, then $2, and finally hit $1.60 in April. This phase allowed the market to cool off and stabilize before continuing to rise. Xoom's chart indicates that $1.60 is the bottom of Wave 4, marking the beginning of Wave 5. Historically, Wave 5 tends to bring significant gains, even if they are smaller compared to Wave 3.

Since that low point, the price of XRP has surged, reaching $3.66 by mid-July — a level not seen in nearly eight years. This figure represents a recovery of about 129% from the low in April. Although the price has slightly decreased since then, Xoom believes that the upward trend remains intact.

Why $7 to $10 Could Be the Next Stop for XRP Price

Xoom predicts that Wave 5 could push XRP to between $7 and $10. With the current price at $3.31, this translates to a potential increase of 111% to 202% from the current level. Although he expects Wave 5 to be less explosive than Wave 3, he still considers it a significant peak in the current market cycle.

The implications of this move are significant. A price of $7 for XRP would give this token a market capitalization of about $415 billion, nearly equivalent to companies like Netflix and Mastercard. If XRP reaches $10, its market capitalization would approach $600 billion, equivalent to Visa's valuation.

Other analysts have also made similar predictions using Elliott Wave Theory. In April, Korea's first certified Elliott Wave analyst, XForceGlobal, predicted that XRP could break out to $10 or higher based on the completed WXY corrective pattern. In June, analyst EGRAG also predicted that Wave 5 targets would range from $9 to $10, with the potential to reach $27 if the upward momentum continues.

The Big Picture on Ripple and XRP

For many in the cryptocurrency community, the $7 to $10 target is not just a price prediction. It reflects growing confidence in Ripple's position in the digital asset market. The company continues to expand its network and explore global payment solutions, while XRP remains one of the most traded tokens.

If Xoom's analysis is correct, the price of Ripple could reach levels that make it one of the most valuable assets on the market. Whether peaking at $7, $10, or even higher, the next phase of this bullish run could prove to be one of the most closely watched moves in the cryptocurrency space this year.