The price of XRP could experience a significant rally in the near future, according to analysts. Key developments such as Ripple Labs’ RLUSD stablecoin approval and progress in the SEC case are fueling optimism. If XRP manages to break the critical resistance at $2.52, it could potentially climb to $5 in the short term and $18 in the long term.
Analyst Dark Defender Shares Bullish Outlook for XRP
Renowned crypto analyst Dark Defender has forecasted a substantial rise in XRP’s value. He predicts that XRP could reach $5 in the short term if it successfully breaches the $2.52 resistance level. Furthermore, Dark Defender anticipates that this breakout could lead to an initial target of $5.85, followed by a long-term climb to $18.22.
This prediction is based on the analysis of XRP’s daily chart, which indicates the completion of an ABC corrective wave pattern. According to Elliott Wave Theory, these targets could materialize by mid-2025, aligning with a bullish market outlook.
Fundamental Drivers Supporting XRP’s Growth
Several fundamental factors are bolstering XRP’s price outlook. Ripple Labs recently received approval from the New York Department of Financial Services for its RLUSD stablecoin. This development is expected to enhance liquidity within the XRP ecosystem, providing a potential boost to its price. Additionally, speculation that Ripple’s appeal in its legal battle with the SEC may be withdrawn has created a wave of optimism among investors.
Whale Accumulations and Technical Indicators
Large investors, or whales, have been significantly increasing their holdings of XRP. Recent data shows that whales purchased approximately 100 million XRP during price dips. This accumulation aligns with technical indicators pointing to an imminent upward movement. The convergence of these factors signals a robust rally on the horizon.
Key Factors for XRP’s Potential Surge
For XRP to reach its projected price levels, several elements must align:
- Overcoming technical resistance levels
- Positive outcomes in Ripple’s legal proceedings
- Favorable market trends
Investors are advised to monitor whale accumulation patterns and fundamental developments closely. The combination of these factors highlights XRP’s potential for both short-term and long-term price gains.
According to Turkish NY Radio, XRP’s trajectory towards $5 in the short term and $18 in the long term could signify a major move in the cryptocurrency market. As these developments unfold, XRP remains a project to watch.
