Analyst expects XRP price to rise to $5.85, predicts a dynamic week.
$XRP
XRP
3.1827
+9.02%
A recent XRP price prediction suggests that the popular altcoin could see a significant surge to $5.85 in the coming week. Based on Elliott Wave Theory and fundamental technical indicators, XRP is expected to experience a major uptrend after breaking out of a symmetrical triangle pattern.
On January 26, a crypto analyst known as Dark Defender predicted that XRP would rise to a new record high of $5.85. The analyst showed an Elliott wave pattern with five waves in an upward trend to support this prediction.
XRP is expected to rise to $5.85
According to Elliott Wave Theory, there is a cyclical price movement where wave 3 is the strongest wave with the largest price increases. Wave 4 acts as a corrective phase, while wave 5 indicates the final phase of an uptrend.
Dark Defender highlighted that the current Elliott wave pattern for XRP originated in August 2023, with wave 3 consistently targeting the all-time high of $5.85. This rise would mean a significant increase of 261.8%, indicating a major shift in the near future.
After reaching the $5.85 target, wave 5, the final wave in the Elliott wave cycle, points to a long-term target of $18.22. Reaching this level would mean a massive 361.8% increase, marking a historic milestone for XRP.
In the detailed analysis, the analyst known as Dark Defender also identified a symmetrical triangle pattern on the XRP price chart, indicating a potential major price movement. The analyst expects a breakout to occur within 16 to 20 hours after the analysis, which is in line with the overall bullish trend.
The breakout from the triangle pattern is expected to coincide with the overall bullish trend. Additionally, confirmation of support after breaking the parity line towards the $2.4 resistance level paves the way for the expected rise to $5.85 and a secondary target of $4.55.
XRP price drops 10% in one day
Despite the positive sentiment in the crypto market towards XRP, the altcoin is currently facing significant bearish momentum as it struggles to break through critical resistance levels.
According to CoinMarketCap data, XRP price has dropped from a previous high above $3 to $2.8, recording a 10.3% decline in the last 24 hours after heavy bearish pressure that caused a 14% decline last week.
Despite the recent bearish performance, analysts remain bullish on XRP, predicting significant price increases that could propel the altcoin to new heights. One forecast even suggests that XRP could surpass Bitcoin, the leading cryptocurrency, in the future.
This is the title "Analyst Expects XRP Price to Rise to $5.85, Predicts Dynamic Week" first appeared on Crypto Breaking News
