**XRP Holds Bullish Structure Despite 15% Weekly Drop, Analyst Eyes $10–$50 Targets**
XRP is trading near $2.24 after a 15% weekly decline, but top crypto analyst Egrag Crypto maintains that the price is still within a bullish structure—as long as $1.94 holds as support.
### Elliott Wave Analysis Points to Significant Upside
Using the Elliott Wave Theory, Egrag Crypto has outlined potential price targets for XRP, projecting a possible “micro wick” spike toward $10 and an extreme “macro wick” toward $50 if the next impulse wave (Wave 3) becomes the cycle’s largest leg. According to his analysis, these bullish targets hinge on XRP staying above the critical $1.94 support zone on high timeframes.
> “As long as XRP remains above $1.94, the bull structure is intact,” Egrag stated. He suggests that XRP might currently be at a level where major investors and institutions are quietly accumulating.
Elliott Wave Theory indicates that if XRP is currently finishing Macro Wave 2, an explosive Wave 3—often 1.6 times the size of Wave 1—could be ahead, forming the basis for these higher potential targets.
### Exchange Spike to $50: Just a Glitch?
Egrag Crypto also references a past incident on the Gemini exchange where XRP briefly spiked to around $50. While he notes it’s possible for history to repeat, he cautions that such sudden surges are typically the result of low liquidity, rather than reflecting XRP’s true market value. Price glitches like these are common during thin trading periods and should be viewed with skepticism.
### XRP Under Pressure, But Institutional Infrastructure Is Growing
XRP has faced significant selling pressure, especially after Bitcoin fell below $110,000 several days ago. As of now, XRP is trading at approximately $2.24—a 1% decrease in the past 24 hours and a notable 15% slide over the past week.
Despite this, there are positive signs beneath the surface. Ripple is making moves to bolster XRP’s institutional appeal:
– **Prime Rollout:** Institutions can now trade XRP directly over-the-counter (OTC), as well as access futures and options contracts based on XRP. This development aims to make Ripple’s technology—and XRP—more accessible for large financial firms, hedge funds, and asset managers.
– **Palisade Acquisition:** Ripple recently acquired Palisade, a digital asset wallet and custody service provider. The acquisition strengthens Ripple’s ability to offer secure services to institutional clients holding substantial amounts of cryptocurrency.
### Ongoing Institutional Activity
Additionally, on-chain data shows that Ripple unlocked 500 million XRP from escrow, a move prompted by recent market weakness, according to Whale Alert.
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**Conclusion**
While XRP’s price action remains under pressure in the short term, analysts like Egrag Crypto remain optimistic on the long-term trend, pointing to robust institutional infrastructure developments and bullish chart structures as reasons to watch XRP closely in coming months.
https://bitcoinethereumnews.com/tech/xrp-analyst-maps-10-spike-50-extreme-wick/