XRP Price Consolidation Ends; Analysts Target $5.85 Surge
The XRP price is poised for significant movement after two weeks of trading between $2.30 and $2.50. Analysts suggest the cryptocurrency may enter a new price discovery phase, possibly reaching record highs for the first time in seven years.
Bullish Targets For XRP Price
- Technical analyst Dark Defender indicates the consolidation period has ended, suggesting a potential "wave 3" rally targeting $5.85, a 129% increase from current levels at $2.55.
- Another target proposed by Dark Defender is $8.76, implying a 243% uptrend from its previous all-time high of $3.40.
- Short-term support levels are established at $1.88 and $2.33, with $2.33 acting as a critical threshold during market turbulence.
- Resistance levels could emerge at $2.66 and $3.12 if the price breaks out of the current range.
- Further resistance might appear at $3.29 and $3.38, blocking attempts to surpass the $3.40 record.
SEC Acknowledges Grayscale’s XRP ETF Filing
The US SEC has acknowledged Grayscale's filing for an XRP ETF, which could catalyze anticipated price movements. This follows leadership changes within the SEC after Gary Gensler's departure, which previously impacted XRP's price stability.
The new SEC administration is expected to adopt a more favorable regulatory approach towards cryptocurrencies, potentially enhancing market conditions beyond prior Bitcoin and Ethereum ETF approvals.
Currently, XRP remains steady at $2.55, having gained 11% over the past week but down 17% over the last two weeks.