XRP Price Predicted to Reach $5, Analyst Reveals Opportunities for Increase

Bittime - Crypto analyst, Dark Defender, predicts that the price of XRP has the potential to soar to $5 (around IDR 81,000) in the near future. Check out a review of the latest XRP price predictions here!

This prediction is based on Elliott Wave Theory, a technical analysis method that is often used to map price movement patterns in certain cycles.

Dark Defender, via the X social media platform, said that XRP is in a price movement phase that promises significant increases. 

Through his analysis, he shows that this token has managed to break out of a symmetrical triangle pattern on the 4-hour price chart, which is often an early indicator of large price movements.

Elliott Wave Pattern Analysis

Source: NewsBTC

Based on Elliott Wave Theory, price movements follow a five-wave pattern. The third wave, which is currently underway, is often the phase with the sharpest price increases. 

Dark Defender explains that this pattern begins to form in August 2023, with a short-term price target of $5.85 (around IDR 94,770), reflecting a potential upside of up to 261.8%.

Read also: Who is the Most XRP Holder? Find Out Here!

However, a more realistic short-term target is $5 (around Rp. 81,000). If this target is achieved, the fifth Wave—the final stage of the Elliott Wave cycle—could take the XRP price towards $18.22 (around IDR 294,372) in the long term, or up more than 361.8% from the current price.

Symmetrical Triangle Pattern and XRP Price Breakout Opportunities

One of the main technical indicators used in this analysis is the symmetrical triangle pattern that appears on the XRP price chart. This pattern is often considered the initial signal of a large price movement, either up or down.

Dark Defender reveals that the breakout of this pattern provides a strong bullish signal. After breaking through the triangle pattern, XRP managed to surpass the breakeven line and retest the support level, before trying to reach resistance at $2.4 (around Rp. 38,880). 

Under these conditions, analysts are optimistic that XRP has the momentum to reach the target of $5 (around Rp. 81,000).

Read also: Is it true that XRP will become a US National Reserve Asset?

XRP Coin Challenge 

While these projections provide new hope, the journey towards the $5 price target will not be without obstacles. XRP recently experienced a price drop of up to 10% in one day, indicating significant bearish pressure in the market.

To achieve the upside target, XRP must be able to break through key resistance levels and maintain positive momentum. Market players also need to pay attention to global sentiment towards crypto assets, which can influence overall price movements.

Conclusion

The prediction of an increase in the price of XRP to $5 (around IDR 81,000) provides optimism for investors. With the support of the Elliott Wave pattern and the breakout of the symmetrical triangle pattern, this token has a great chance to set a new record. 

However, high volatility in the crypto market requires investors to remain cautious and monitor market conditions closely.

FAQ

What risks need to be aware of before investing in XRP?

XRP, like other crypto assets, has high volatility. Investors are advised to conduct in-depth research and consider market risks.

How to prepare before buying XRP?

Understand technical analysis, monitor market movements, and use a secure trading platform.

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Reference 

coinmarketcap, XRP Coinmarketcap, accessed January 28, 2025.

NewsBTC, XRP Price To $5.85: Analyst Reveals Why The New Week Will Be ‘Dynamic’, accessed January 28, 2025.

Author: Y