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A new one XRP price prediction has surfaced, with crypto analysts predicting that the popular Altcoin will experience a dynamic increase of $5.85 in the new week. Based on Elliott wave theory and key technical indicators, the analysis outlines how XRP could see significant upside Breaking out a symmetrical triangle pattern.
On January 26, Dark Defender, a prominent crypto analyst on X (formerly Twitter), predicted an XRP price Stretch for a new all-time all-time from $5.85. The analyst shared a chart illustrating an Elliott wave pattern consisting of five waves (1 through 5) in an uptrend
XRP to break out to $5.85
Usually the Elliott Wave Theory suggests a cyclical price movement, with wave 3 presented as the strongest wave with the most Explosive price increases. On the other hand, Wave 4 is marked as a corrective phase, while Wave 5 represents the final leg of an uptrend.
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Dark Defender revealed that the current XRP Elliott wave structure was established as early as August 2023, where Wave 3 has consistently targeted the high level of $5.85. This price increase would translate into an impressive 261.8% increase, marking a dynamic shift into the new week.
Once the target of $5.85 is reached, WAVE 5which is the final wave of the Elliott wave cycle, points to a longer-term price target of $18.22. Reaching this level would mark a massive increase of 361.8%, marking a historic milestone for XRP.
In its detailed analysis, Dark Defender also pointed to a 4 hour symmetrical triangle pattern on the XRP price chart. This unique technical formation is often a precursor to a significant price movement, which in the case of XRP has the analyst predicting that a breakout will occur within the next 16 to 20 hours of his analysis.
The breakout of the triangle pattern is expected to align with the broader uptrend. Furthermore, the green circle on the graph shows that the XRP price has tested again and confirmed support after breaking the breakeven line to the $2.4 resistance level. This move sets the stage for the analyst’s projected rally, with a primary target at the $5.85 level and a secondary target at the $4.55 level.
XRP price drops 10% in one day
While the broader crypto market exhibits Bullish sentiments against XRP Due to its impressive performance this year, the popular Altcoin is currently facing significant bearish momentum as it struggles to break through Main resistance levels.
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As of writing, CoinmarketCap data shows that XRP has fallen from a previous price high above $3 to $2.8. The cryptocurrency registered a 10.3% decline in the past 24 hours after experiencing severe bearish pressure that led to a 14% decline last week.
Despite this bearish performance, analysts remain increasingly bullish on XRP, predicting major price rallies That would propel the Altcoin to new heights. A remarkable one prediction suggests that XRP could rally that high over time and potentially topple Bitcoin, the world’s largest cryptocurrency.
Featured image from Adobe Stock, Chart from TradingView.com
Credit : www.newsbtc.com
