Cryptocurrency analyst Dark Defender predicts that once XRP's price breaks through the key resistance level of $2.52, it could rebound to $5.
Cryptocurrency analyst Dark Defender predicts that XRP's price may soon rise to $5. The analyst further revealed what needs to be done for XRP to reach this goal in the short term, marking a new all-time high (ATH) for the cryptocurrency.
XRP price is expected to reach $5
In a post on X, Dark Defender predicts that the XRP price may soon rebound to $5. This prediction was made when he revealed that XRP had nearly completed an ABC corrective wave pattern on a daily timeframe. The cryptocurrency analyst stated that the cryptocurrency needs to break through the key resistance level of $2.52 to achieve this rebound.
Dark Defender stated that he expects XRP to break through this resistance level within 24 hours, which will initially pave the way for $5.85. The cryptocurrency analyst predicts that the cryptocurrency could further rise to $18.22, which could mark the peak price of XRP in this market cycle.
According to his Elliott Wave Theory analysis, the cryptocurrency previously predicted that XRP could reach this price target. At that time, he suggested that the cryptocurrency would reach a price target of $18 by mid-2025.
It's worth mentioning that XRP also has bullish fundamentals. Ripple Labs has just received approval from NYDFS for the RLUSD stablecoin, which is set to launch soon. This release will inject more liquidity into the XRP ecosystem and could potentially drive up the cryptocurrency's price.
Meanwhile, forecasts suggest that the new SEC management led by Paul Atkins may drop the appeal against Ripple. Considering the negative impact of this lawsuit on Ripple's price, this would provide a significant boost for Ripple.
At the same time, it's noteworthy that XRP whales have been actively accumulating the cryptocurrency. CoinGape reported that during the recent price decline, Ripple whales acquired 100 million coins.
A big move is coming
In a post on X, cryptocurrency analyst CasiTrades also provided a bullish outlook for XRP's price, stating that the cryptocurrency may be about to experience a 'big move.' She revealed that XRP has shown a strong rebound from the .382 support level.
After touching and testing this 0.382 support level, CasiTrades stated that XRP's price is ready to meet the next target of $3.46. She added that a rebound to this level would be significant, as breaking the current historical high is crucial. The cryptocurrency analyst further stated that if XRP cannot break through the historical high, there is a risk of forming resistance rather than continuation.
