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new XRP price prediction It has emerged, with a crypto analyst predicting that the popular AltCoin will experience a dynamic increase to $5.85 in the new week. Based on Elliott Wave Theory and key technical indicators, the analysis shows how XRP could see a major trend after… Breaking a symmetrical triangle pattern.
On January 26, Dark Defender, a prominent crypto analyst on X (formerly Twitter), Expected XRP price Increase to a new all-time high From $5.85. The analyst shared a chart showing an Elliott wave pattern consisting of five waves (from 1 to 5) in an upward trend
XRP splits to $5.85
Usually, and Elliot wave theory It indicates a cyclical price movement, where wave 3 is presented as the strongest wave with the most Explosive prices increase. On the other hand, wave 4 is highlighted as a corrective phase, while wave 5 represents the final leg of the uptrend.
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Dark Defender revealed that the current XRP Elliott wave structure was established as early as August 2023, with Wave 3 consistently targeting the $5.85 all-time high. This price increase will translate into an impressive 261.8% increase, marking a dynamic shift in the new week.
Once the $5.85 target is achieved, Wave 5which is the last wave of the Elliott wave cycle, indicates a long-term price target of $18.22. Achieving this level would signify a massive 361.8% increase, marking a historic milestone for XRP.
In its detailed analysis, Dark Defender also indicated 4 hours Symmetrical triangle pattern On the XRP price chart. This unique technical formation is often a precursor to a significant price movement, which, in the case of XRP, the analyst expects to break out within the next 16 to 20 hours after analyzing it.
A breakout from the triangle pattern is expected to be in line with the broader uptrend. Moreover, the green circle on the chart shows that XRP price has been retested Support was confirmed after breaking the breakeven line towards the $2.4 resistance level. This move sets the stage for the analyst’s expected rally, with a primary target of $5.85 and a secondary target of $4.55.
XRP price fell 10% in one day
While showcasing the broader crypto market Bullish sentiment towards XRP Due to its impressive performance this year, the popular AltCoin is currently facing significant downside momentum as it struggles to breakout. Key resistance levels.
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As of writing, CoinmarketCap data shows that XRP has fallen from a previous price of over $3 to $2.8. The cryptocurrency registered a 10.3% decline in the past 24 hours after experiencing intense downward pressure that led to a 14% decline last week.
Despite this bearish performance, analysts remain increasingly bullish on XRP, Predicting large price rallies It would push altcoin to new heights. Notable one Climate prediction It suggests that XRP could rally over time and possibly upend Bitcoin, the world’s largest cryptocurrency.
Featured image from Adobe Stock, Chart from TradingView.com
