Key Insights:
- Analysts predicted a 600% XRP rally to $15 if the token maintains support at $2.
- XRP whales signal bullish sentiment, but funding rates indicate strong short pressure.
- If XRP loses $2 support, a drop to $1.81 or lower could follow due to bearish momentum.
Ripple (XRP) price has faced significant volatility after recording a 4% decline in the last 24 hours. Despite the recent drop, Ripple is defending the crucial $2 support level.
Analysts believe this could be the foundation for a major rally. If the support holds, XRP price could surge by 600%, reaching the $15 mark soon.
Analysts Predict a 600% XRP Price Rally to $15
Popular crypto analyst Crypto Elites highlighted a bullish setup in the token’s price structure. The analyst pointed out that Ripple has formed a rounding bottom pattern.
It has historically predicted a possible positive reversal. This pattern suggested a potential shift in XRP price momentum. It hinted at a move from its current decline toward notable recovery.
Additionally, XRP is testing the neckline of the rounding bottom at $2. It is a critical level that could determine the token’s next move. If bulls hold this support, the token could surge by 600% to reach $15.
A breakout could drive XRP’s market cap near $1 trillion. This rise would position it to rival Bitcoin and Ethereum in market dominance.
XRP Whales Signal Bullish Sentiment
Despite the bearish trend, on-chain data suggested that large XRP holders remain confident in the token’s long-term potential. Crypto influencer John Squire recently reported that a whale moved 8 million XRP to an external wallet.
This transfer indicates that high-net-worth investors have no immediate selling plans, hinting at substantial accumulation.
Moreover, digital asset manager Grayscale has revealed that XRP has recorded the highest year-to-date returns among the top ten cryptocurrencies. This strong performance has reinforced investor confidence.
Many are considering Ripple as a high-potential crypto for future growth. If institutional and retail demand increases, XRP price could gain enough momentum to sustain a prolonged uptrend.
Bearish Case for XRP Price
Despite the bullish outlook, some indicators suggest that XRP price may still face downward pressure. Data from Coinglass showed that funding rates for XRP futures have turned negative.
Moving ahead, this signaled an increase in short positions. This suggested that more traders are betting against the token, expecting further price declines.
Furthermore, looking at the 4-hour chart of Ripple, it is evident that the bears take control of the market. The Relative Strength Index clearly showed that XRP is now oversold at 25.
Additionally, ADX is increasing, indicating its current situation is still a downtrend. If such bearish signals remain intact, it will be challenging for the XRP price to hold a stand above $2.
Analyst predicts XRP Price at $5.85
More so, according to Dark Defender, Ripple is in the fourth wave of the Elliott Wave structure. This means the market is in a corrective phase, and a continued rally shall follow.
Wave 4, therefore, often depicts a corrective move or a retracement before the aggressive upward move of Wave 5. Regarding this pattern, XRP price is expected to move toward new highs once Wave 4 ends.
Fibonacci extensions indicate that it might reach up to $5.85 by the end of this projection. However, it also points to the possibility of short-term retreats until the correction moment continues persistently.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
