Home Altcoins News Ripple’s XRP: Analysts Signal Potential $1 Surge Despite Challenges

Ripple’s XRP: Analysts Signal Potential $1 Surge Despite Challenges

In the midst of a tumultuous environment marked by regulatory uncertainties and market volatility, Ripple’s XRP faces a challenging landscape. The recent approval of a spot Bitcoin ETF failed to provide the anticipated boost, leading to a decline that breached the crucial yearly support at $0.55. The sell-the-news event following the ETF approvals exacerbated XRP’s struggles in the market.

Adding to its woes, the hacking of Ripple co-founder Chris Larsen’s wallets resulted in a significant XRP theft. While Binance reportedly managed to recover some of the stolen assets, it failed to stabilize XRP’s price heading into the weekend, creating further uncertainty for investors.

However, amidst this negativity, a ray of hope has emerged as crypto analysts offer potential indicators signaling a significant reversal for XRP.

Renowned crypto analyst “Dark Defender” took to Twitter to share a comprehensive analysis, expressing confidence in a substantial price surge for XRP. Despite enduring psychological tests over the years, XRP displayed an extraordinary technical move within Elliott Waves, according to the analyst. He believes the cryptocurrency is now in the process of developing the third wave, as indicated by a prolonged period of consolidation between the $0.52 and $0.46 range.

A chart shared by the pundit revealed that this anticipated third phase aligns with a MACD bullish crossover on the monthly timeframe, adding weight to his optimistic outlook. “I am here to Win, & I Will. Chop-chop, XRP is Coming,” the analyst shared with his 101,000 followers on Twitter.

Another analyst, “Perry XRParker,” provided a more optimistic long-term perspective, projecting a price range of $7-$13 for XRP by 2025. Expressing confidence in XRP’s potential to pump last and the hardest, he encouraged others to share their price range predictions for the 2025 blow-off top.

Renowned crypto analyst “Dark Defender” took to Twitter to share a comprehensive analysis, expressing confidence in a substantial price surge for XRP. Despite enduring psychological tests over the years, XRP displayed an extraordinary technical move within Elliott Waves, according to the analyst. He believes the cryptocurrency is now in the process of developing the third wave, as indicated by a prolonged period of consolidation between the $0.52 and $0.46 range.

A chart shared by the pundit revealed that this anticipated third phase aligns with a MACD bullish crossover on the monthly timeframe, adding weight to his optimistic outlook. “I am here to Win, & I Will. Chop-chop, XRP is Coming,” the analyst shared with his 101,000 followers on Twitter.

Another analyst, “Perry XRParker,” provided a more optimistic long-term perspective, projecting a price range of $7-$13 for XRP by 2025. Expressing confidence in XRP’s potential to pump last and the hardest, he encouraged others to share their price range predictions for the 2025 blow-off top.

Despite the challenges, the crypto community holds optimism for XRP in 2024, driven by encouraging events. Key among them is the anticipated conclusion of the SEC lawsuit, the potential Ripple IPO, and the upcoming Bitcoin halving. Crypto influencer “Amelie” suggests that the Bitcoin halving could trigger a rising tide for BTC, lifting all boats in the cryptocurrency sector.

However, after losing the psychologically significant support level of $0.50, XRP sellers are poised to exert more pressure. For a bullish reversal, bulls need to propel and sustain the price above that level assertively. In the event of a successful breakthrough, XRP could witness an ascent to the $0.90 resistance, possibly extending further to $1.

At press time, XRP was trading at $0.51 after a 3.31% gain in the past 24 hours, hinting at a potential shift in sentiment. As the digital asset navigates these challenges, investors and analysts alike are closely monitoring the various factors that could influence XRP’s future trajectory, eagerly awaiting signs of a significant turnaround in its fortunes.

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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