XRP price has once again reached a market cap of $100 billion, giving an even more bullish outlook to the cryptocurrency, which has been one of the best-performing cryptoassets in recent times. Crypto analysts like Dark Defender are offering insight into what’s next for XRP.
XRP price could rise to $5 next
In a post on X, crypto analyst Dirk Defender suggested that XRP price could rise to $5 in the next rally. This comes after XRP noted that its initial target of $1.8 was achieved during this bull run, with the cryptocurrency reaching the $100 billion market cap mark.
If the first goal is achieved, XRP could reach $5.8, which is highlighted as one of the median targets in the attached chart of Dark Defender. Interestingly, the chart also highlights $18 as a median target, indicating that the cryptocurrency could reach this level at some point.
Dark Defender recently used Elliott Wave Theory analysis to show how XRP could reach $18 this market cycle. The chart showed that this parabolic rally would occur in a wave 5 impulsive upward move.
Meanwhile, in another X post, the crypto analyst warned about how important the $1.8815 Fibonacci level is in the short term. He noted that XRP price reached $1.9508 and then rebounded to this Fib level. In line with this, he stated that the cryptocurrency must cross $1.8815 on at least three candlesticks.
According to Dark Defender, the first step is to maintain above this level for 12 hours and then close above this level for 3 days. A sustained close above this Fib level could confirm it as an important support level and push XRP to new highs.
It is worth mentioning that during the recent XRP rally, this cryptocurrency has overturned BNB to become the 5th largest cryptocurrency by market capitalization. Dark Defender believes that XRP has the potential to overturn Solana and become the next-largest cryptocurrency by market capitalization. The analyst had previously boldly predicted that the cryptocurrency would at some point overturn Ethereum.
Double-digit stock price target is on the horizon
Crypto analysts such as Egrag Crypto and Mikybull Crypto have also suggested that double-digit price targets for XRP price are just around the corner. Egrag Crypto stated in its analysis 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 attached chart, it appears that the analyst is referring to the 2017 bull run when XRP recorded a significant rally on its way to its current all-time high (ATH) of $3.8.
Cryptocurrency analyst Mikybull Crypto also said on XPost that the XRP price is giving off the feel of a 2017 rally. Based on this, analysts predict that XRP will reach $2 and then experience a decline before continuing a “vertical hate rally” to a new cycle high, possibly $10.
In another post on X, he told market participants to keep an eye on what happens after XRP breaks through the new ATH. The cryptocurrency analyst added that a large-scale rally similar to 2017 is about to unfold before everyone's eyes. With XRP currently soaring, recent CoinGape market analysis has raised the possibility that the cryptocurrency's ATH is imminent.
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Boluwatife Adeyemi
Boluwatife Adeyemi is an experienced cryptocurrency news writer and editor who has covered topics spanning DeFi, NFTs, smart contracts, blockchain interoperability, and more, among others. Boluwatife has a knack for simplifying the most technical concepts and making them easier for crypto beginners to understand. Outside of writing, he is an avid basketball fan and part-time enthusiast.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
