3 hours ago
As XRP consolidates below the $3 mark, a cryptocurrency analyst has noted that the asset’s technical structure hints at a possible rally toward the $8 level. Specifically, the current XRP consolidation serves as a breakeven point for further gains, and once the $3 resistance is breached, the next target could exceed $5, according to pseudonymous analyst Dark Defender in an X post on February 4. Once this resistance is broken, the bullish wave structure suggests a strong push toward $5.85, with the final fifth wave aiming for levels above $8. XRP price analysis chart.Source: Dark Defender The analysis is based on the Elliott Wave structure, which projects the third wave reaching approximately $5.85, while the fifth wave is anticipated to push XRP beyond $8. This formation suggests a strong bullish continuation if XRP successfully breaks through the critical $3 level. “This structure aims at $8+ levels with its 5th Wave shortly. It has started to get exciting,” the expert said. If XRP trades at $8, its market cap would be approximately $462.21 billion, making it the second-ranked cryptocurrency just behind Bitcoin ( BTC ). XRP price levels to watch Another analysis by pseudonymous trading expert CasiTrades shared in an X post on February 5 suggested that XRP’s recent drop, which coincided with broader market sentiment, may represent its last low before a rebound. Despite a prolonged sell-off extending beyond initial projections, the analyst noted that the overall technical outlook remains unchanged, with key downside support targets at $2.16, $1.87, and $1.53. XRP price analysis chart.Source: TradingView The analyst stated that XRP is in the fifth C wave within an ABC correction, forming a large Wave 2. If this is the final low, a massive Wave 3 uptrend could follow, potentially pushing XRP past its previous all-time highs with minimal resistance. Beyond the technical aspects, XRP investors also consider other fundamental factors that could impact the Ripple-affiliated asset. For instance, prices remain subdued amid reports that Ripple plans to flood the market with an $800 million XRP sell-off in February, which could trigger volatility. XRP price analysis At press time, XRP was trading at $2.50, down over 5% in the last 24 hours. On the weekly chart, the token has plunged more than 18%. XRP seven-day price chart. Finbold At its current price, XRP remains under bearish pressure, as it is trading below the 50-day simple moving average ( SMA ). However, the token remains bullish in the long term, as its price is still above the 200-day SMA of $1.27. With a volatility of 11.77% and a relative strength index ( RSI ) of 41.38, the market appears neutral to slightly oversold. Featured image via Shutterstock The post It’s getting ‘exciting’ as this XRP structure sets next target at $8 appeared first on Finbold .
Finbold
You can visit the page to read the article.
Source: Finbold
Tags :
Cryptocurrency news Bitcoin cryptocurrency XRP
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Analyst Predicts Altcoin Rally to December Highs by April at the Earliest
Altcoin Recovery Delayed Until April, Says Analyst Matthew Hyland According to crypto analyst Matthew Hyland , altcoins are unlikely to return to their December highs before April 2025 , citing mass liquidations and heightened market uncertainty . In a recent X (formerly Twitter) post , Hyland referenced U.S. President Donald Trump’s tariff threats , which have shaken global markets and triggered a crypto sell-off , particularly in altcoins. Key Factors Affecting Altcoin Recovery: Trade war fears leading to investor caution Increased market liquidations after economic uncertainty Historical patterns suggest a 2+ month recovery period Hyland advises investors to “keep expectations tempered” and anticipate a gradual market recovery similar to 2020 and 2022 market disruptions . Why Are Altcoins Struggling? 1. U.S.-China Trade War Fears Impacting Crypto Sentiment Trump’s tariff threats have led to mass liquidations . Investors are risk-averse , leading to declining altcoin prices . 2. Bitcoin Dominance Is Limiting Altcoin Growth BTC ETFs are attracting most institutional funds . Altcoin dominance remains weak , delaying potential rallies. 3. Market Cycles Suggest a Delayed Recovery In 2020 and 2022 , similar economic disruptions took over two months to stabilize. A full altcoin rally could take time , making April the earliest expected recovery period. Will Altcoins Rally by April? Bullish Scenario: If macroeconomic fears ease , altcoins may recover faster . Bitcoin price stabilization could lead to an altcoin rotation . Increased adoption of Layer 1 and DeFi projects could drive altcoin demand . Bearish Risks: Continued economic uncertainty may keep investors away from altcoins . If Bitcoin dominance remains high , capital may stay in BTC instead of alts . Further regulatory risks could slow down an altcoin resurgence . Conclusion Matthew Hyland’s forecast suggests that altcoins will struggle in the short term due to economic fears and market liquidations . While a recovery is expected, the timeline may extend until April 2025 or later. Investors should remain patient and manage expectations , as historical trends show that altcoin recoveries take time . Stay updated on altcoin market trends and crypto insights by following our latest analysis. Finbold
BlackRock Considers Launching Bitcoin ETP in Europe Amid Competitive Market Challenges
BlackRock aims to extend its successful U.S. Bitcoin ETF strategy to Europe with a new exchange-traded product, an exciting development for cryptocurrency investors. As demand for cryptocurrency investments continues to Finbold
