Experts remain optimistic about the XRP price, expecting a potential increase to $8 and emphasizing its critical support levels.
The XRP price has continued to decline today. However, the experts are still optimistic about the coin’s long-term trajectory. To provide context, a prominent market expert suggested that Ripple’s native crypto could rally to $8 despite the recent decline. This sparked market discussions. Another analyst also established a comparable asset price target, intensifying market sentiments.
Even though the price of XRP has consolidated below $3, experts remain optimistic
Dark Defender, a prominent market analyst, anticipates a substantial increase in the price of XRP despite the recent decline. He recently shared an updated daily structure of the crypto in a post on X, and he emphasized that the $3 level remains a critical breakeven point.
He believes that Ripple’s native crypto is consolidating beneath this resistance and is preparing for a breakout. He delineated a five-wave pattern, with the third wave aiming for $5.85 and the $8+ mark shortly thereafter. Dark Defender further stated that the bullish momentum is “closer than ever.”
Traders are closely monitoring the asset’s support levels in response to this technical projection, which has prompted discussions. The expert observed that the favorable outlook can only be realized by maintaining stability at this juncture.
A second expert expresses comparable sentiments
A macro XRP price action analysis was revealed by another expert, XForceGlobal, who echoed a sentiment similar to Dark Defender’s. He underscored the significance of safeguarding a critical low to verify a sustained upward trend.
In the interim, he identified inefficiencies in lower timeframes. However, he maintained that a 50% rebound could initiate the fifth wave in his Elliott Wave count. Although his analysis is consistent with the $5-10 target, he continues to exercise caution regarding distribution patterns.
Although he acknowledged that Ripple’s native crypto has not yet fulfilled all the criteria for a wave 1-2 development, he thinks the market conditions are still favorable for an upward move. The $8 mark is feasible if critical levels are maintained, as the post-triangle thrust measurement confirms his initial projection.
Factors That May Influence the Price of XRP in the Future
XRP has experienced a significant decline in recent weeks, particularly following the shutdown of the XRP Ledger (XRPL) earlier this week. This affected the investors’ sentiment; however, the experts’ optimistic predictions suggest that a robust recovery is imminent.
In addition, market participants are closely monitoring the progress of the XRP litigation, as the US SEC has reassigned its top crypto litigator, Jorge Tenreiro, to the IT department. Tenreiro is a key figure in the long-running Ripple Vs. SEC case and numerous other crypto cases. Nevertheless, this development suggests a potential change in the regulatory environment of crypto in the United States during Trump’s presidency.
Conversely, a prominent attorney recently disclosed the date on which the US Securities and Exchange Commission (SEC) may commence dismissing cryptocurrency litigation. This revelation has further bolstered the market sentiment. A potential settlement or dismissal of the Ripple SEC lawsuit can substantially impact the XRP pricing in the future, given all of these factors. In addition, the asset’s price could experience a significant increase in response to the prospective approval of an ETF for the crypto.
What is the current performance of Ripple’s native cryptocurrency?
During the writing process, the price of XRP decreased by nearly 3% and was trading at $2.46. The one-day trading volume increased by 30% to $7.34 billion. It is important to note that the cryptocurrency has experienced a 24-hour high and low of $2.57 and $2.36, respectively. Additionally, the cautious posture of investors was reflected in the XRP Futures Open Interest, which remained near the flatline.
In the interim, the holders have received solace from the experts despite these gloomy movements. Additionally, it indicates the optimistic outlook of market participants regarding the cryptocurrency’s long-term potential.
Nevertheless, investors should exercise caution when placing their wagers on this. For example, a recent price analysis of Ripple’s native crypto suggested it could crash to $1, prompting market-wide discussions.
