XRP Price Rally to $8: Experts Reveal Crucial Support

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XRP, the digital currency of Ripple, continues to experience fluctuations in its price. However, despite the recent dip, top market experts remain bullish on the long-term trajectory of the coin. One such expert has hinted towards a potential rally for Ripple’s native crypto to $8, sparking market discussions.

Experts Remain Optimistic Despite XRP Price Dip

Market analyst Dark Defender sees a major XRP price surge on the horizon despite the recent pullback. In a recent post on X, he shared an updated daily structure of the crypto, emphasizing that the $3 level remains a crucial breakeven point.

According to him, Ripple’s native crypto is consolidating under this resistance and positioning itself for a breakout. He outlined a five-wave pattern, where the third wave targets $5.85, bringing the $8+ mark into play soon after. Dark Defender added that the bullish momentum is “closer than ever before.”

This technical projection has sparked discussions among traders, with many keeping a close watch on the asset’s support levels. The expert noted that maintaining stability at this stage is key to fulfilling the bullish outlook.

Another Expert Shares Similar Sentiment

Another expert, XForceGlobal, shared a macro XRP price action analysis, echoing a similar sentiment to Dark Defender. He highlighted the importance of protecting a key low to confirm a sustained uptrend.

Meanwhile, he pointed out inefficiencies in lower timeframes but asserted that a 50% bounce could trigger the completion of the fifth wave in his Elliott Wave count. His analysis aligns with the $5-10 target, though he remains cautious about distribution patterns.

While he acknowledged that Ripple’s native crypto has not yet met all criteria for a wave 1-2 development, he believes market conditions still favor an upward move. The post-triangle thrust measurement supports his original projection, making the $8 mark a realistic possibility if key levels hold.

Factors That Can Impact XRP Price Ahead

XRP has recently recorded a sharp decline, especially after XRP Ledger (XRPL) faced downtime earlier this week. This appeared to have weighed on the investors’ sentiment, but the optimistic outlooks of the experts indicate a strong recovery ahead.

In addition, market participants are keeping close track of the XRP lawsuit developments, with the US SEC reassigning its top crypto litigator Jorge Tenreiro to the IT department. Notably, Tenreiro is one of the key figures in the long-running Ripple Vs SEC case and many other crypto cases. Having said that, this development indicates a potential shift in the crypto regulatory environment in the US under Trump’s presidency.

On the other hand, recently a top lawyer revealed when the US SEC can start dropping the crypto cases. This revelation has further bolstered the market sentiment. Considering all these aspects, a potential settlement or dismissal of the Ripple SEC lawsuit can significantly impact the XRP price ahead. In addition, a potential approval of an ETF for the crypto could also trigger a massive rally in the asset’s price.

How’s Ripple’s Native Crypto Performing?

XRP price fell nearly 3% during writing and traded at $2.46 while its one-day trading volume was 30% to $7.34 billion. Notably, the crypto has touched a 24-hour high and low of $2.57 and $2.36, respectively. Further, XRP Futures Open Interest also stayed near the flatline, reflecting the cautious stance of the investors.

Meanwhile, despite these gloomy movements, the experts have provided some relief to the holders. Besides, it also reflects the bullish outlook of the market participants towards the long-term potential of the crypto.

However, despite that, investors should tread cautiously when making their bets. For instance, a recent price analysis for Ripple’s native crypto hinted towards a potential crash to $1, which has also sparked discussions in the market.

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2025-02-06 13:54