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February 7, 2025 by Mutuma Maxwell
- XRP is trading around $2.50 after losing 3% today and 18% over the past week.
- Analysts remain optimistic despite the decline, citing Elliott Wave projections and technical indicators.
- Dark Defender predicts XRP price could surge past $8 if it breaks the $3 resistance level.
XRP price is trading around $2.50 after losing 3% today and 18% over the past week. Despite the decline, analysts remain optimistic, citing technical indicators and Elliott Wave projections. Market experts believe XRP could surpass $8 if key resistance levels are broken.
Here is Why XRP 5th Wave Could Drive XRP Price to $8
Analyst Dark Defender suggests that the XRP price is forming a five-wave Elliott Wave structure, with a potential high above $8. According to the analysis, the second wave correction is in play, keeping XRP price below the $3 resistance level. A breakout above this level could confirm renewed bullish momentum, paving the way for a strong uptrend.
Source: X
The third wave of the Elliott Wave pattern targets $5.85, aligning with the 261.8% Fibonacci extension. If XRP successfully breaches $3, it may gain the necessary momentum to push toward this target. The final wave is expected to exceed $8, marking a 220% surge from current levels.
Historical price movements support this bullish scenario, with past waves leading to significant gains. In previous cycles, XRP saw exponential growth after similar formations played out. If this pattern repeats, XRP could experience another significant rally in the coming months.
Analyst Predicts XRP Could Skyrocket in Final Wave
Another analyst, Tony Severino, identified a bullish Elliott Wave structure for XRP price. Based on past performance, he argues that the final wave could drive XRP to as high as $20. Historical patterns from 2014 and 2017 showed massive gains after similar wave formations.
Severino points to XRP’s previous price explosions, including the 70,000% surge 2017. While such gains may be unrealistic in the current market, he believes a 35X increase remains possible. His analysis indicates that XRP’s fifth wave could trigger substantial price appreciation, reinforcing the bullish outlook.
Given macroeconomic factors, market observers remain divided on the likelihood of such a rally. However, the technical setup suggests strong upward momentum if key resistance levels break. XRP needs to reclaim critical price levels before confirming a long-term uptrend.
Technical Indicators Point to XRP Price Potential Breakout
Beyond Elliott Wave analysis, technical indicators also support a bullish case for XRP. Analyst Steph highlighted that XRP price recently formed its third-ever weekly hammer candlestick. This pattern has historically preceded price surges of over 2,000%, indicating a possible bullish reversal.
During the recent market correction, XRP dipped to $1.76 before recovering, forming the hammer pattern. This signals buyers have regained control, potentially setting the stage for another rally. The previous two instances of this pattern led to cycle highs for XRP.
Some analysts suggest that XRP could surge beyond its all-time high if history repeats. While projections of $50 remain speculative, a move past $8 appears more achievable. The coming weeks will determine whether XRP can sustain its upward trajectory.
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