XRP Analyst Predicts Near $5 Price Target Following Chart Patterns
As XRP approaches $3, a Bitcoin maximalist analyst has shared a new price forecast based on chart patterns. Key points include:
Price Pattern Analysis
- XRP formed a W pattern on the weekly chart.
- Price movement ranged from $3.4 in January to a low of $2.11 in April, with subsequent bounces and slides.
- The recent rally surpasses the previous January high, indicating completed formation.
XRP just made a massive move... pic.twitter.com/2lxy6sOPBa
Fibonacci Extension Insights
- Analyst's Fibonacci analysis suggests a potential target near 4,555 Chilean pesos (approximately $4.93).
- Clarified that earlier mention of $4,761 was in Chilean pesos, not US dollars.
- Near-term target indicates XRP could reach around $5 before potential cooling.
Institutional Interest and Futures Activity
- XRP futures at CME reached $1 billion in open interest faster than any other crypto product.
- Contracts launched on May 19, 2025, with a total volume of $9.02 billion across 251,000 contracts.
- Average daily trading volume was $143 million; a record of $235 million was set in July.