Despite the XRP price struggling to stay afloat in the current market, it has not deterred the bulls from continuing to push for higher prices. This is amid the XRP ETF launches that have taken place over the last week, X triggering a into the cryptocurrency. The calls for new all-time high prices to surpass its 2018 $3.84 peak have only grown louder, with timelines getting shorter. This time around, one analyst has predicted a new all-time high, with what they call a “true Elliot Wave view.”

Why XRP Price Could Still Gun Above $4

In an analysis shared on X with over 35,000 followers, crypto analyst XForce Global has put forward the that the Elliot Wave Theory has not completely played out for the XRP price. So far, the belief has been that the the last and final wave and could be headed into a bear market. However, the crypto analyst doesn’t believe this is the case.

XForce Global points to the fact that analysts who use the Elliot Wave theory could struggle with the chart they shared. But this chart apparently removes all of the market inefficiencies, allowing the XRP price to be viewed through a clear lens.

The analysis suggests that the altcoin , running a flat route upward after hitting support above $1.87. Such a surge would above $4, with the digital asset possibly topping above $5.

In the event that the price does crash further than the current local lows, the analyst believes that an expanded flat route beginning above $1.6 would still trigger a similar outcome. Both rallies are expected to push the XRP price above $4 and then top toward $6.

Major Factor To Drive Price Explosion

One major factor that analysts have put forward to is the launch of XRP ETFs. With more than 3 XRP ETFs now trading in the US, analyst Chad Steingraber has how their launch could affect the altcoin’s price.

Steingraber explained that, so far, the XRP price had been seeing some uptick during ETF trading hours, and then declining during off-hours. This is building pressure and momentum, and is expected to accumulate over time. The result of this is in the next few months, possibly pushing XRP to new peaks.