XRP has continued to grapple with a persistent weak trend, contending with regulatory uncertainties and market fluctuations.
Despite the optimism surrounding the approval of a spot Bitcoin ETF, the digital asset experienced a decline, breaching the vital yearly support at $0.55 during the sell-the-news event post the spot Bitcoin ETF approvals last month.
Furthermore, the recent hacking of Ripple co-founder Chris Larsen’s wallets, resulting in a substantial XRP theft, further compounded the challenges faced by XRP. And despite Binance reportedly recovering a portion of the pilfered assets, it has not helped keep the price steady going into the weekend.
However, despite the prevailing negativity, a ray of optimism has emerged as various crypto analysts unveil potential indicators signalling a substantial reversal for XRP.
In a Friday tweet, renowned crypto analyst “Dark Defender” presented a comprehensive analysis of XRP, explaining the reasons behind his conviction that a significant price surge is on the horizon.
According to the pundit, XRP has undergone a prolonged period of consolidation, trading between the $0.52 and $0.46 range. He noted that despite enduring psychological tests over the years, XRP has displayed an extraordinary technical move within Elliott Waves and that he believes it is now in the process of developing the third wave.
Notably, a chart shared by the pundit further revealed that this anticipated third phase aligns synchronously with a MACD bullish crossover on the monthly timeframe. This convergence of technical indicators adds further weight to his optimistic outlook.
“I am here to Win, & I Will. Chop-chop, XRP is Coming,” the analyst told his 101,000 followers on X.
Elsewhere, another analyst, “Perry XRParker,” offered a more optimistic long-term perspective.
“Let’s be brutally honest, for once! I am seeing a $7-$13 price range by 2025. She will pump last and the hardest! Tell me your price range/predictions for the 2025 blow off top!!!” he exclaimed.
Meanwhile, amidst the promising technical aspects, the crypto community is optimistic about a potential resurgence of XRP in 2024 due to some encouraging events. Key among them has been the anticipated conclusion of the SEC lawsuit, a potential Ripple IPO and the upcoming Bitcoin halving which, according to crypto influencer “Amelie”, could trigger a rising tide for BTC “that lifts all boats in the cryptocurrency sector.”
That said, after losing the psychologically significant support level of $0.50, XRP sellers are poised to exert more pressure. For a bullish reversal, bulls need to propel and sustain the price above that level assertively. In the event of a successful breakthrough, the XRP could witness an ascent to the $0.90 resistance, possibly extending further to $1.
At press time, XRP was trading at $0.51 after a 3.31% gain in the past 24 hours.