XRP has consolidat ed below the $3 mark, but recent technical analysis points to a potential breakout, with predictions suggesting that the cryptocurrency could reach as high as $8. According to pseudonymous analyst Dark Defender, the token’s current price movement indicates that once it breaks through the $3 resistance level, a significant rally toward $5.85 is likely, followed by an eventual push beyond $8. This forecast is supported by the Elliott Wave theory , which has been used to map out the asset’s price movements. Dark Defender’s analysis suggests that the asset is within a bullish wave structure. If XRP breaks through the $3 barrier, the third wave may propel it to $5.85. After this, the fifth wave could propel the cryptocurrency to levels exceeding $8. As the analyst noted, the outlook for the token is becoming more promising, with the $8 target representing a key milestone in the bullish continuation. Potential Market Cap Surge If the token reaches the $8 price point, its market capitalization will rise to approximately $462.21 billion. This would place XRP just behind Bitcoin (BTC) in market capitalization, making it the second-largest cryptocurrency globally. Such a substantial price increase would mark a significant milestone for the digital asset and its community of investors. Key Price Levels and Market Sentiment Another perspective from trading analyst CasiTrades highlights that the token’s recent price decline, which aligns with broader market trends, could be the final low before a potential rebound. Despite the prolonged sell-off, CasiTrades maintains that the technical outlook for the asset remains largely positive. Key support levels to watch are $2.16, $1.87, and $1.53, with XRP potentially entering a bullish phase once these lows are tested. The current technical structure suggests that the asset may be in the fifth C-wave of an ABC correction, which could soon lead to a significant upward movement. If this prediction holds, XRP could surpass its all-time highs with little resistance, setting the stage for even more considerable gains. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Long-Term Bullish Outlook Currently, the token is trading at $2.44, reflecting a 2.86% decline in the last 24 hours and a 21.90% drop over the past week. Despite these short-term losses, the long-term outlook for the token remains optimistic. XRP continues to trade above its 200-day simple moving average (SMA) of $1.27, a strong indicator of bullish momentum over the longer term. However, it remains under bearish pressure in the short term, as it is currently trading below the 50-day SMA. The asset’s current volatility is at 11.77%, accompanied by an RSI reading of 41.38, indicating a neutral to slightly oversold market sentiment. This shows that the cryptocurrency could be positioned for a price recovery, particularly if the broader market sentiment improves. Factors Influencing Price Movement In addition to technical analysis, several fundamental factors could influence the token’s price movement. One major influence is the ongoing uncertainty surrounding Ripple’s legal situation with the U.S. Securities and Exchange Commission (SEC), which continues to affect market sentiment. Furthermore, Ripple’s plans to release a large amount of XRP into the market could trigger volatility, potentially dampening price gains in the short term. While the asset faces some challenges in the near term, the technical outlook remains highly promising. If the token breaks through the $3 resistance level and follows through with the bullish momentum predicted by analysts, a surge to $8 could be within reach, cementing its position as one of the leading cryptocurrencies in the market. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Chartist Spots XRP Bullish Breakout, Targets $8 Price appeared first on Times Tabloid .
