Crypto analyst Dark Defender has shared his Elliot Wave Theory analysis, which shows that the XRP price can rally to as high as $18. The analyst’s accompanying chart further showed when XRP can reach this double-digit price target.
XRP Price To Hit $18 Next Year
In a recent Elliot Wave Theory analysis, Dark Defender shared an accompanying chart showing that the XRP price can rally to $18 by mid-next year. The analyst affirmed that XRP has been and is still following this Elliot Wave structure.
In his analysis, Dark Defender also revealed that XRP was currently in the third wave. The chart showed that this impulsive move to the upside will take the crypto to the $5.8 price level. Based on the chart, this rally to $5 could happen before this year runs out.
Once the rally to $5 happens, the next move will likely be a corrective one, causing the XRP price to retrace to around $4. This corrective wave 4 move will set the stage for the crypto to rally to this $18 price target by mid-2025.
XRP is enjoying massive bullish momentum, having rallied over 64% in the last seven days. This price rally has been partly because US SEC Chair Gary Gensler is set to step down. This development is bullish for the crypto since Gensler spearheaded the Ripple SEC lawsuit, which has, for the longest time, negatively impacted XRP.
Next Stop Is $2 Before Rally To New ATH
In an X postcrypto analyst Armando Pantoja said that the next stop for the XRP price is between $2 and $2.10. he made this prediction following his statement that XRP was smashing through resistance and heading for the 0.786 Fibonacci level at $1.61. Interestingly, Pantoja said that the rally to $2 will create an “easy path” to $8 for XRP.
Crypto analysts Ali Martinez and CrediBULL Crypto also predicted that XRP will rally to $2 next as pro-crypto Paul Atkins leads the race to replace Gary Gensler as the next US SEC Chair. CrediBULL Crypto’s $2 prediction came as he revealed that the XRP monthly Relative Strength Index (RSI) is about to enter the overbought territory for the first time in three years.
He claimed that this is bullish, as the higher the RSI goes, the stronger the momentum and the more bullish a coin is. Based on this, the analyst said the next target is $2, and then XRP will go for a new ATH.
Crypto analyst Javon Marks also provided a bullish outlook for the XRP price. In an X post, he stated that the coin is now starting to show signs of major strength after breaking out of a lower timeframe pennant. Based on this, he remarked that a massive uptrend continuation above $3 might already be happening.
✓ Share:
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
<p>The post Analyst’s Elliot Wave Theory Shows XRP Price Can Hit $18 first appeared on CoinBuzzFeed.</p>
