A recent XRP price forecast has emerged, indicating that the popular altcoin might witness a significant surge to $5.85 in the upcoming week. Through an analysis based on the Elliott Wave Theory and essential technical indicators, it is predicted that XRP could experience a substantial uptrend after breaking out of a symmetrical triangle pattern.
On January 26, a well-known crypto analyst known as Dark Defender forecasted a surge in the XRP price to a new record high of $5.85. The analyst illustrated an Elliott Wave pattern with five waves in an upward trend to support this prediction.
XRP Expected to Soar to $5.85
According to the Elliott Wave theory, there is a cyclical price movement where Wave 3 is considered the strongest wave with the most significant price hikes. Wave 4 acts as a corrective phase, while Wave 5 signifies the final phase of an uptrend.
Dark Defender highlighted that the current XRP Elliott Wave pattern originated in August 2023, with Wave 3 consistently targeting the $5.85 all-time high. This surge would amount to a noteworthy 261.8% increase, indicating a significant shift in the near future.
Following the achievement of 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 signify a substantial 361.8% increase, marking a historic milestone for XRP.
In the detailed analysis, Dark Defender also identified a symmetrical triangle pattern on the XRP price chart, signaling a potential significant price movement. The analyst predicts a breakout within 16 to 20 hours after the analysis, aligning with the broader upward trend.
The breakout from the triangle pattern is expected to coincide with the overall bullish trend. Additionally, the confirmation of support after surpassing the breakeven line towards the $2.4 resistance level sets the stage for the projected rally to $5.85 and a secondary target of $4.55.
XRP Price Drops 10% In One Day
Despite the positive sentiments in the crypto market toward XRP, the altcoin is currently facing notable bearish momentum as it struggles to surpass critical resistance levels.
As per CoinMarketCap data, XRP has declined from a previous high above $3 to $2.8, recording a 10.3% drop in the last 24 hours following severe bearish pressure that caused a 14% decrease the previous week.
Despite the recent bearish performance, analysts maintain an optimistic outlook for XRP, forecasting significant price rallies that could propel the altcoin to new heights. One forecast even suggests that XRP could surpass Bitcoin, the leading cryptocurrency, in the future.
