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XRP Price Could Rally to $5 Next, According to Crypto Analyst
The XRP price has hit a $100 billion market cap again, further providing a bullish outlook for the crypto, which has been one of the best-performing crypto assets in recent times. Crypto analysts like Dark Defender have provided insights into what could come next for XRP.
XRP Price Could Rally to $5 Next
In an X post, crypto analyst Dark Defender suggested that the XRP price could rally as high as $5 on its next leg to the upside. This came as he noted that the first target of $1.8 for XRP in this bull run has happened, which led to the crypto hitting the $100 billion market cap mark.
With the first target out of the way, XRP could reach $5.8, which Dark Defender’s accompanying chart highlights as one of the median targets. Interestingly, the chart also highlights $18 as a median target, indicating that the crypto could reach this level at some point.
Dark Defender also recently used his Elliot Wave theory analysis to show how XRP could hit $18 in this market cycle. The chart showed this parabolic rally would occur on the Wave 5 impulsive move to the upside.
A Critical Fibonacci Level to Watch
Meanwhile, in another X post, the crypto analyst warned about how critical the Fibonacci level at $1.8815 is in the short term. He noted that the XRP price touched $1.9508 and then bounced back to this Fib level. In line with this, he stated that the crypto must stay above $1.8815 for at least three candles.
According to Dark Defender, the first step is to stay 12 hours above this level, followed by a 3-day close above this level. A sustained close above this Fib level could confirm that as a significant support level and propel XRP to new highs.
A Double-Digit Price Target on the Horizon
Amid the recent XRP rally, it is worth mentioning that the crypto has flipped BNB to become the fifth-largest crypto by market cap. Dark Defender believes XRP could flip Solana next to become the fourth-largest crypto by market cap. The analyst had before now also boldly predicted that the crypto would flip Ethereum at some point.
XRP in Double Digits by 2024?
Crypto analysts like Egrag Crypto and Mikybull Crypto have also suggested that a double-digit price target for the XRP price is on the horizon. In his analysis, Egrag Crypto stated that FOMO will ignite if XRP closes above the $2 level.
He added that if history repeats itself, XRP will likely trade in double digits between $20 and $27. From the accompanying chart, the analyst looks to be referring to the 2017 bull run, in which XRP recorded massive gains on its way to its current all-time high (ATH) of $3.8.
Conclusion
In conclusion, the XRP price could be on the cusp of a significant rally, with many analysts predicting a move to $5 or even $18. The crypto’s recent performance has been impressive, and with the market cap reaching $100 billion, it is likely that the price will continue to rise. However, it is essential to keep in mind that the crypto market is highly volatile, and prices can fluctuate rapidly. As such, it is crucial to conduct thorough research and consult with a financial advisor before making any investment decisions.
FAQs
Q: What is the current market cap of XRP?
A: The current market cap of XRP is $100 billion.
Q: What is the target price for XRP according to Dark Defender?
A: According to Dark Defender, the target price for XRP is $5, with a possible median target of $5.8.
Q: What is the critical Fibonacci level to watch for XRP?
A: The critical Fibonacci level to watch for XRP is $1.8815, according to Dark Defender.
Q: What is the next level for XRP to flip?
A: According to Dark Defender, XRP could flip Solana next to become the fourth-largest crypto by market cap.
