XRP Forecasts 261% Surge with Potential Target of $5.85
XRP has declined 11% in the last 24 hours but is showing potential for a breakout. Currently priced around $2.81, market analysis identifies a bullish pattern suggesting a target of $5.85. Key points include:
- A triangle pattern on XRP's chart indicates upward momentum.
- The Elliott Wave structure suggests strong bullish movement, with targets at $4.55 and potentially $18.23, representing a 361.80% increase.
- The Ichimoku cloud indicator shows firm support levels, reinforcing market confidence.
- The Long/Short Ratio favors long positions at 53.28%, signaling buyer confidence.
However, recent netflow data reveals an outflow of $103.65 million, indicating bearish sentiment as investors withdraw funds from exchanges amidst declining prices.
Speculation arose when Elon Musk allegedly commented on XRP being "quite promising" in a now-deleted post, fueling discussions within the crypto community.
Additionally, ongoing SEC proceedings regarding Ripple may impact market dynamics. A closed-door meeting discussed enforcement strategies, hinting at possible changes in approach toward cryptocurrency regulation.