Could $36 Be on the Horizon as the 3-Month Outlook Turns Positive?
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Market sentiment surrounding XRP is turning optimistic as technical signals and recent chart patterns indicate a favorable upward trend for the next quarter. With momentum increasing, a cryptocurrency analyst is predicting a possible rally that could elevate XRP to around $36.
A fresh forecast shared by analyst Dark Defender on X (previously Twitter) suggests that XRP is on the brink of a dramatic surge towards $36.
XRP Projected to Hit $36
Analysis of the charts reveals that XRP has successfully breached a vital three-month resistance trendline that has constrained its price movements since its 2018 peak. This breakout indicates a significant change in market dynamics, hinting that the protracted bearish trend might be concluding.
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Dark Defender’s three-month candlestick chart utilizes the Elliott Wave Theory, outlining a five-wave bullish pattern. The examination reveals that Waves 1 and 2 have already transpired, with XRP seemingly entering Wave 3, which is usually recognized as the strongest and most prolonged wave.
Should this Wave 3 configuration remain intact, XRP may be poised for its most significant rally yet. Dark Defender believes the potential target range could soar up to $36.76, equating to an astonishing 423.6% rise.
Before reaching this anticipated price, Dark Defender has established short- to long-term bullish targets for the currency. In the short run, XRP may hit $3.33, and a mid-term objective has been set at $5.85.
Additionally, significant percentage gain levels along the route may act as temporary resistance zones. A 161.8% increase points to a price estimate of around $13.81, while a 261.8% gain suggests a movement toward $18.96. If the upward trend persists, the token could extend to $26.87, coinciding with a 361.8% markup.
On the downside, support thresholds at $2.3620 and $2.222 are anticipated to provide strong resistance against any retracement before a resurgence occurs. Looking ahead, Dark Defender has reinforced his optimistic outlook on XRP’s future, referring to a tweet from March 17 that emphatically stated, “XRP is extremely bullish.”
Clear Path Ahead for the Altcoin As Resistance Eases
In a recent X post shared on May 13, Ali Martinez, a noted crypto analyst, revealed that on-chain data from Glassnode unveils a transparent bullish outlook for XRP, showing no evident clusters of strong resistance ahead. The assessment based on the UTXO Realized Price Distribution (URPD) indicates a considerable portion of XRP tokens were transacted at lower prices.
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The chart further illustrates a robust support area at $2.38, where close to 1.85 billion XRP, equating to 2.92% of its total supply, were last traded. This concentration of holders could serve as both a psychological and technical support level should the market retrace. Furthermore, the lack of significant token holdings at elevated price points indicates that the ascent may proceed without significant pushback from profit-takers.
Featured image from Getty Images, chart from Tradingview.com
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