The XRP price reached a market capitalization of $100 billion again. This makes it one of the best-performing crypto assets in recent times. Crypto analysts like Dark Defender have given their opinion on what could be the next step for XRP. Here are all the details…
XRP price may now rise to $5
XRP rose to $1.93 on Saturday, surpassing its 2021 peak of $1.92. According to data from CoinGecko, XRP was last worth $1.93 in January 2018, just after hitting an all-time high of $3.40. That was almost seven years ago. In an X post, crypto analyst Dark Defender explained. He suggested that the XRP price could go as high as $5 on its next leg up. That said, the initial target of $1.8 for XRP in this bull run has been realized. This led to the crypto reaching the $100 billion market capitalization mark. With the initial target gone, XRP has the potential to reach $5.8, which Dark Defender highlighted as one of the targets.
Interestingly, the chart also highlights $18 as the average target. Thus, indicating that the crypto could reach this level at some point. Dark Defender also recently used Elliot Wave theory analysis. This showed how XRP could reach $18 in this market cycle. The chart showed that this parabolic rally would be driven by an impulsive upward move called “Wave 5”. Meanwhile, in another X post, the crypto analyst pointed out his remarks. He warned how critical the Fibonacci level of $1.8815 is in the short term. He noted that the XRP price touched $1.9508 and then bounced back to this Fib level. Accordingly, he stated that the crypto should stay above $1.8815 for at least three candles.
What will it take for XRP’s uptrend to continue?
According to Dark Defender, the first step is to stay above this level for 12 hours. Then, a 3-day close above this level. A sustained close above this Fib level has the potential to confirm it as an important support level. This, according to the expert, would take XRP to new highs. It’s worth noting that amid the recent XRP rally, the crypto overtook BNB to become the fifth largest crypto by market capitalization. Dark Defender believes that XRP could overtake Solana to become the fourth largest crypto by market capitalization. The analyst has previously boldly predicted that crypto will at some point reverse Ethereum.
Double-digit price target on the horizon
Crypto analysts such as Egrag Crypto and Mikybull Crypto have also suggested that a double-digit price target for XRP price is on the horizon. Egrag Crypto noted in its analysis that FOMO will be ignited if XRP closes above the $2 level. He added that if history repeats itself, XRP will likely trade in double digits between $20 and $27. From the chart below, it is clear that the analyst was referring to the 2017 bull run, when XRP made huge gains on its way to hitting its current all-time high (ATH) of $3.8.
Crypto analyst Mikybull Crypto also noted in an X post that the XRP price is giving off 2017 rally vibes. Based on this, the analyst predicts that XRP will reach $2 and then possibly retrace to a new cycle peak of $10 before resuming the rally. In another X post, he told market participants to watch what happens after XRP breaks a new ATH. The crypto analyst added that big rallies of the 2017 type are about to unfold before everyone’s eyes.
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