XRP holders are on the edge of their seats as analysts predict a major rally could push the token to $4.1 or even $5.85.
After hitting a seven-year high of $2.87 last week, XRP’s bull run lost steam, leaving many wondering if a bigger move is on the horizon.
Let’s dive into what’s happening with XRP and why these price targets might not be so far-fetched.
Recent Performance
XRP’s recent price action has been a rollercoaster. After its massive surge to $2.87, the token dipped to $2 before rebounding and stabilizing around $2.40. Despite the fluctuations, XRP is up 3% in the past 24 hours, signaling potential for another leg up.
Key Price Levels
| Price Level | Significance |
|---|---|
| $2.87 | Seven-year high |
| $2.13 & $1.88 | Key support zones |
| $3.84 | Major resistance before $4.1 |
| $4.1 & $5.85 | Next bullish targets |
Analysts’ Predictions: $4.1 and Beyond
Prominent technical analyst Dark Defender believes XRP is merely “warming up” for its next major rally. Using Fibonacci retracement levels, he outlines two key bullish targets:
- $4.1: Represents a 78.1% surge from XRP’s current level.
- $5.85: Marks a 145% increase and would set a new all-time high.
Other analysts, like Ben “BitBoy” Armstrong, echo similar sentiments, suggesting XRP could target $4.5 before a significant pullback. However, skeptics warn of potential bearish scenarios, including a dip to $0.60.
Support Levels and Resistance Zones
For XRP to achieve these ambitious targets, it must navigate several support and resistance zones:
- Support at $2.13 and $1.88: These levels are crucial if bearish pressure intensifies. They provide potential entry points for investors or serve as areas where bulls might mount a defense.
- Resistance at $3.84: This is the next significant barrier XRP must break to unlock its bullish potential.
Bullish Factors
Despite the uncertainties, XRP has several factors working in its favor:
- Seven-Year Price Compression: XRP recently broke out of a long-term consolidation phase, a bullish signal that suggests more upside.
- Growing Investor Confidence: The resurgence in buying momentum reflects optimism among traders.
- Market Sentiment: Broader market trends, including Bitcoin’s stability, add a tailwind for altcoins like XRP.
Potential Risks
While the outlook for XRP is optimistic, it’s essential to consider potential risks. Critics argue that XRP’s bull phase might already be over, citing historical patterns and potential resistance at key levels. A failure to hold support at $2.13 could lead to significant downside.
The Road Ahead
XRP’s journey to $4.1 or $5.85 hinges on several factors, including breaking resistance at $3.84 and maintaining bullish momentum.
For now, the market sentiment remains cautiously optimistic, with both traders and analysts closely monitoring the token’s next move.
Whether XRP will achieve these lofty targets or face further consolidation remains to be seen, but one thing is certain: the token is heating up, and the action is far from over.
