Analyst Predicts XRP Price to Reach $1 and Beyond
A well-known cryptocurrency analyst has predicted that the price of XRP, the native token of the XRP Ledger, could reach $1 in the near future. The analyst also suggested that XRP could eventually make its way to $1.88 and even $5.85.
XRP’s Short-Term Targets
The analyst, known as Dark Defender, shared a post on Twitter noting that XRP failed to surpass $0.73 but found support at $0.6649 per token. According to Dark Defender, these levels are crucial. The analyst then identified “very short term targets” for XRP at $0.8737 per token and $1.0593 before surging further.
Using Elliott Wave Theory to Predict Price Surge
The analyst utilized the Elliott Wave theory to predict an impending surge for XRP’s price, suggesting it could reach as high as $5.85 in the future.
Ralph Nelson Elliott developed this theory in the 1920s after observing recurring wave patterns based on mass psychology within financial markets.
Predicting XRP Price Movements
This method allows for predicting asset price movements based on five waves moving with a market trend direction and three corrective waves.
Historical data suggests that XRP has a pattern of significant increases in November, with a record 531% rise in November 2013.
XRP’s Historical Performance in November
Despite mostly unprofitable Novembers over the past five years, historical data shows a significant gain of 178.3% in November 2020 for XRP.
Hot Take: Positive Outlook for XRP’s Future
Based on historical data and recent predictions by analysts, it seems that XRP is poised for significant gains in the near future.
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