Home Altcoins News XRP Eyes 261% Surge Amid Speculation of Elon Musk’s Deleted Post and Bullish Indicators

XRP Eyes 261% Surge Amid Speculation of Elon Musk’s Deleted Post and Bullish Indicators

XRP price surge

XRP has captured the attention of the cryptocurrency world as speculation grows over its potential for a major price surge. Despite a recent dip in its value, market analysts are predicting a breakout that could send XRP’s price soaring to as high as $5.85, a potential 261% increase from its current value of around $2.81.

This surge is anticipated based on several technical indicators, including a prominent four-hour triangle pattern and the Elliott Wave structure, which has fueled excitement in the market. Adding fuel to the fire are rumors surrounding a now-deleted post from Elon Musk, which has drives intense optimism among traders.

Bullish Indicators Suggest a Strong Rally

According to market analyst Dark Defender, XRP’s chart is showing a bullish pattern with a well-formed triangle on the four-hour time frame. The analysis suggests that the breakout could happen soon, targeting the $5.85 mark. This potential price movement is backed by the Elliott Wave theory, which identifies a five-wave pattern, indicating strong bullish momentum. The third wave in this structure is crucial, and it is expected to drive XRP toward the $5.85 level.

Further analysis shows that XRP has encountered resistance at the $4.55 mark, but the bullish momentum could push the price past this point, potentially reaching as high as $18.23 in the long term. If XRP does hit this lofty target, it would represent a massive 361.80% increase, a scenario that has traders eagerly watching for the next move.

In addition to the technical analysis, the Ichimoku cloud indicator also supports the bullish outlook. XRP has maintained solid support levels, which have strengthened market confidence. The recent successful retest of the $1.97 breakeven point has added to the optimism, with many believing that XRP’s price will continue its upward trajectory.

Long/Short Ratio and Market Sentiment

Another key indicator pointing toward a potential rally is the Long/Short Ratio, which tracks the balance between long and short positions. According to CoinGlass, long positions have slightly overtaken short positions, with the ratio at 53.28% long versus 46.72% short. This shift in sentiment suggests that buyers are gaining confidence, and the upward momentum could be sustained in the short term.

However, it’s important to note that there are signs of caution as well. On January 27, XRP experienced a significant outflow of $103.65 million, signaling bearish sentiment as funds moved out of exchanges. Large outflows often suggest profit-taking or a decrease in market confidence, which aligns with XRP’s recent price drop from $3 to $2.82.

Elon Musk’s Alleged Influence on XRP

The speculation around XRP intensified when rumors surfaced about a now-deleted post from Elon Musk. The Twitter/X owner allegedly commented that “XRP is looking quite promising,” but the post was removed within 20 seconds, leaving many to wonder whether Musk was hinting at something more significant. While the authenticity of the post remains unverified, the brief moment of attention generated widespread buzz in the crypto community.

This incident has added an element of mystery and intrigue to XRP’s potential, with many believing that Musk’s words could influence market sentiment and further drive the coin’s price higher.

Ripple’s Legal Battle and the SEC

In addition to the technical indicators and rumors surrounding Musk, XRP’s price movement is also influenced by ongoing developments in Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC). On January 25, attention turned to the SEC’s closed-door meeting regarding Ripple, which may have discussed enforcement strategies and the possibility of an appeal in the case.

Ripple’s legal fight with the SEC has been a key factor in XRP’s volatility, with the outcome of the case potentially having a significant impact on the token’s future. Acting SEC Chair Mark Uyeda’s comments in November, opposing enforcement actions without fraud allegations, have added complexity to the situation. The crypto community is closely watching for any developments that could either boost or hinder XRP’s progress.

Conclusion: A Pivotal Moment for XRP

XRP’s current position is a pivotal moment in its market journey. With a bullish triangle pattern, potential support from technical indicators, and the added speculation from Elon Musk’s rumored post, XRP is poised for a potential breakout. The key resistance levels at $4.55 and $5.85 are critical, and if these levels are breached, XRP could see significant gains in the coming weeks.

However, the recent outflows and the ongoing legal uncertainty with the SEC suggest that caution is still needed. As always, traders should stay informed and prepared for the market’s unpredictable nature, especially as XRP navigates these crucial developments.

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Julie J

Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field.

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