XRP could be on the verge of an explosive rally that might send its price to $13 within just 40 days, according to crypto analyst Tony Severino.

That price target represents a 359% increase from XRP’s current level of $2.83. 

If reached, XRP’s market cap would surge to about $772 billion, potentially making it the second-ranked cryptocurrency, assuming Ethereum (ETH) records minimal growth during the same period.

Severino’s outlook shared in a September 3 X post is based on Elliott Wave analysis, which highlights recurring structures in XRP’s long-term chart, where a corrective consolidation typically follows each impulsive upward move.

The analysis shows that past rallies in XRP unfolded over six-bar, 42-day windows, delivering massive gains. 

XRP past explosive growth 

For instance, XRP surged 1,903% in just 42 days during the 2017 cycle, and a similar setup appears to be forming again. Severino projects that XRP could climb from $2.83 to as high as $13 in a comparable timeframe, echoing historical patterns.

Currently, XRP is seen breaking out of a fourth-wave triangle pattern, often a precursor to a parabolic fifth wave. 

If confirmed, this move could mark the peak of the current cycle before a larger bear market sets in. Severino also acknowledged the possibility of a bearish scenario once the rally concludes.

It is worth noting that although the technical structure appears bullish, XRP will need support from broader market conditions, as it has recently traded in tandem with wider crypto trends. 

Regulatory developments will also play a crucial role, particularly potential approval by the Securities Exchange Commission (SEC) of a spot XRP exchange-traded fund (ETF), which could trigger significant institutional inflows into the asset.

Featured image from Shutterstock