Another bullish XRP price prediction has made its way to the fore following a weekend of muted performance. This time around, a crypto analyst is expecting an explosive rally for the altcoin that could see the XRP token rally to a new all-time high above its 2018 peak.
XRP Price To Rise To $5.85
In an X (formerly Twitter) post, crypto analyst Dark Defender has presented a scenario where the XRP price could rally as high as $5.85. The analyst uses a wave theory to back up the prediction, with the third wave being the most important one highlighted.
According to the post, the first and the second part of the wave theory have already been established. The first wave was reportedly when Ripple secured its first victory over the United States Securities and Exchange Commission (SEC) and the price of the digital asset rallied to $0.91.
The second wave presented in the analysis followed the first when the XRP price retraced downward and eliminated its gains from July. This wick followed the altcoin’s price down to $0.39 before making a recovery, leading up to the third wave.
“#XRP finalised the correction after $1.966, & had the Wave 1 @ $0.91,” Dark Defender said. “We had completed Wave 2 with a slight risk to the wick final point of $0.39. The price above the Weekly Ichimoku Clouds is getting closer; we will experience how #Bullish XRP will be above it.”
Going forward, the analyst presents what a third wave would mean for the XRP price. With the second wave looking to be serving as support, Dark Defender says this wave could see the XRP price rise to $5.85. “There are 2 Fibonacci targets in the short term with Wave 3, which are $1.8815 -so strong- & $5.8563,” the analyst said.
If this happens, then the digital asset’s price would be seeing a 1,137% rise to reach this point. However, this is not the end as the wave theory comes in five parts which could predict what could happen for the altcoin going forward.
The Fourth And Fifth Wave
In the chart presented by the analyst, the third wave is not the end of this. The fourth wave, like the second, is rather bearish for the XRP price in the short term following the rise to $5.85. The chart shows a fall back to below $4 to mark the fourth wave.
Then finally, the fifth wave continues with the third wave’s bullish streak. It shows a similar bounce leading to an around 100% increase from the bottom of the fourth wave. This means that a rise above $7.5 is possible once the fifth wave is complete.
This recent prediction is in line with Dark Defender’s previous prediction where he put the XRP price at the same level. So the analyst’s spot is a reiteration of his previous stance.