As the crypto market experiences varying degrees of volatility, XRP, a prominent digital currency, has caught the attention of investors and analysts alike. According to recent data, XRP currently trades at approximately $0.5156, experiencing a 1.71% increase over the past 24 hours despite a 5.70% decrease over the previous week. This movement comes at a critical time, as predictions and technical analysis suggest potential significant price movements based on its market behavior and broader financial indicators.
Source: Defend Dark
The crypto market has seen its fair share of ups and downs, with the total market capitalization fluctuating significantly. Recently, XRP’s share of the total cryptocurrency market cap was noted at 1.2097%. As the market cap of XRP is largely tied to broader market movements there is a possibility for it to reach highs of around $23 trillion by 2025.
Dark Defender has analyzed XRP’s price movement with the Elliott Wave analysis of XRP which is a form of technical analysis that looks at recurring long-term price patterns associated with investor sentiments and psychology. XRP reached a high of $0.91, subsequently retracting to $0.41, which was identified as the end of its corrective Wave 2. Current analysis suggests that XRP is now in a bullish phase in the lower time frames, indicating the start of an upward trajectory despite recent losses.
XRP has established crucial support levels at $0.4623 and $0.3917. Stability above these levels is deemed essential for sustaining its current bullish outlook, as per Elliott Wave predictions. The analyst forecasts potential target highs of $5.85 and $18.22 if the currency maintains its trajectory within the expected wave structure.
Comparatively, XRP is underperforming against the broader global cryptocurrency market, which has seen a smaller overall decrease of 4.40%. Furthermore, when matched against similar cryptocurrencies managed by FTX Holdings, XRP’s performance appears lackluster, as its counterparts have recorded an increase of 11.40%.
