- Crypto analyst predicts Ripple (XRP) could surpass $3 in 5-6 weeks.
- XRP experiences decline in price, losing 0.99% in 24 hours.
- XRP performs better than Bitcoin (BTC) and Ethereum (ETH) in last 24 hours.
In a recent tweet, a prominent crypto analyst known as Dark Defender predicted Ripple (XRP), stating that it has the potential to surpass $3 within the next 5-6 weeks. The analyst highlighted the bullish historical trend of XRP and its alignment with Elliott Waves, indicating a strong possibility of a significant short-term breakout shortly.
Despite the optimistic outlook for the remittance token, the anticipated positive trend has yet to materialize. According to the latest data from CoinMarketCap, XRP experienced a decline of 0.99% in its price within the last 24 hours, resulting in a trading value of $0.4717. This downward movement in price has further exacerbated XRP’s weekly performance, leading to a loss of 1.63% for the week.
Despite experiencing a decline against the Dollar in the last 24 hours, XRP exhibited superior performance compared to the two dominant players in the market, Bitcoin (BTC) and Ethereum (ETH). Currently, XRP has recorded a 0.19% increase against BTC and a 0.03% increase against the leading alternative cryptocurrency.
During yesterday’s trading session, XRP experienced a decline below the significant support level of $0.4688. However, it recovered and closed the daily candle above the crucial support at $0.4710. Today, there was an initial attempt to retest the key level, but bullish market participants provided a minor boost to XRP, resulting in a current trading price of $0.4717 at press time.
If XRP surpasses the 9-day EMA line at around $0.4733 within the next 48 hours, it could establish the resistance level at $0.4755 as a support level in the coming days. If XRP successfully converts $0.4755 into support, it may experience further upward movement towards $0.4841 within the subsequent 48 hours.
However, if XRP fails to maintain its current level and closes below $0.4733, the altcoin could potentially lose support at $0.4688. In such a situation, the cryptocurrency’s price may experience a further decline to $0.4596 within the upcoming days.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
