- Bullish Outlook for XRP: Analysts are pointing to a strong bullish setup for XRP, with XForceGlobal forecasting a potential surge to $5.4 based on Elliott Wave analysis, provided the $1.60 support level holds.
- Key Levels to Watch: Bitcoin Benny identifies $2.18 as a pivotal breakout level in the 1-hour time frame. A decisive move above this point could trigger what he calls a “send season,” potentially pushing XRP toward $3.20 and beyond.
- Market Sentiment and Technical Setup: XRP’s medium-term outlook hinges on maintaining support above $1.60, while a breakout above $2.18 could act as a catalyst for a significant upward rally.
The XRP price is stirring up some chatter in the crypto circles, with a handful of analysts calling for a significant upward push toward a fresh all-time high. Despite the usual market swings, XRP has managed to hold onto crucial support levels, signaling a potential move toward the $5 mark.
Elliott Wave Analysis Suggests $5 Target
Certified Elliott Wave analyst XForceGlobal has mapped out a medium-term wave structure for XRP, highlighting the coin’s bullish potential. The current setup suggests that XRP is in the final phase of a complex corrective pattern, prepping for a powerful third-wave rally that could send prices soaring toward $5.4.
According to the analyst, XRP is forming what he calls a “1-2 scenario,” with the next Wave 3 expected to deliver a substantial price leap. XForceGlobal identifies a Fibonacci Retracement zone between $2.00 and $1.80 as a key entry point, with the $1.60 level acting as a critical line in the sand. If XRP holds above $1.60, the bullish outlook remains intact, paving the way for a surge past $3.20 and potentially hitting the $5.4 target.
Bitcoin Benny Sees $2.18 as Pivotal Breakout Level
In a similar vein, crypto analyst Bitcoin Benny has flagged $2.18 as a critical breakout level for XRP in the 1-hour time frame. Following a steep drop from $2.3 in late April, XRP found its footing around $2.125, where buyers quickly stepped in to absorb the selling pressure.
Bitcoin Benny notes that the $2.18 level is now a key point of interest. Should XRP manage to break and close above this resistance, he predicts a momentum-driven rally, which he dubs “send season,” with the potential to retest previous highs and push even further.
Market Sentiment and Technical Outlook
XRP’s price action remains a mixed bag, with the $1.60 support level emerging as a crucial pivot point. If prices hold steady above this mark, the bullish scenario outlined by XForceGlobal stays in play. However, a break below could open the door to further downside pressure, potentially invalidating the upward trajectory.
Meanwhile, Bitcoin Benny’s focus on the $2.18 breakout level serves as a short-term gauge for market sentiment. If XRP can clear this hurdle, it may set the stage for a significant move toward the $3.20 and $5.4 targets highlighted in the Elliott Wave analysis.
