Yes it should considering the Dot of cranes also goes up when you use RP. thing is i dont think demon wave should be above lvl 1. because the damage is a set value. it doesnt scale well as you get stronger since it has no %.
Well I thought the same but the damage does differ a bit from the static value listed by +350~380 points of damage for actual attack and +50 for the burn and this number is on monsters that I have attack property negative against. So if the RP does effect the burn damage the same way it does normal damage then it would soar pass bold strike when compared under simliar optimal conditions.
Will test when i cap if have some extra brown books but I think the info text might be written wrong as I doing 570-590 non crit un buffed with an elegant weapon against wild type monsters from the attack alone would mean that some where there is a 277% increase of said static damage.