XRP Price To Hit $8 If It Holds This Crucial Support, Top Expert Predicts

XRP price continues to dip today, slipping over 5%, but it appears that the experts remained bullish on the future trajectory of the coin. For context, despite the recent dip, a top market expert hinted towards a potential rally for Ripple’s native crypto to $8, sparking market discussions. Echoing similar sentiment, another analyst also set a target of between $5 and $10 for the asset, further fueling market sentiments.

Experts Remain Bullish Despite XRP Price Consolidating Below $3

Top market analyst Dark Defender sees a major XRP price surge on the horizon despite the recent pullback. In a recent post on X, he shared an updated daily structure of the crypto, emphasizing that the $3 level remains a crucial breakeven point.

According to him, Ripple’s native crypto is consolidating under this resistance and positioning itself for a breakout. He outlined a five-wave pattern, where the third wave targets $5.85, bringing the $8+ mark into play soon after. Dark Defender added that the bullish momentum is “closer than ever before.”

This technical projection has sparked discussions among traders, with many keeping a close watch on the asset’s support levels. The expert noted that maintaining stability at this stage is key to fulfilling the bullish outlook.

Another Expert Echoes Similar Sentiment

Another expert XForceGlobal shared a macro XRP price action analysis, echoing a similar sentiment to Dark Defender. He highlighted the importance of protecting a key low to confirm a sustained uptrend.

Meanwhile, he pointed out inefficiencies in lower timeframes but asserted that a 50% bounce could trigger the completion of the fifth wave in his Elliott Wave count. His analysis aligns with the $5-10 target, though he remains cautious about distribution patterns.

While he acknowledged that Ripple’s native crypto has not yet met all criteria for a wave 1-2 development, he believes market conditions still favor an upward move. The post-triangle thrust measurement supports his original projection, making the $8 mark a realistic possibility if key levels hold.

Factors That Can Impact The XRP Price Ahead

XRP has recently recorded a sharp decline, especially after XRP Ledger (XRPL) faced downtime earlier this week. This appeared to have weighed on the investors’ sentiment, but the optimistic outlooks of the experts indicate a strong recovery ahead.

In addition, market participants are keeping close track of the XRP lawsuit developments, with the US SEC reassigning its top crypto litigator Jorge Tenreiro to the IT department. Notably, Tenreiro is one of the key figures in the long-running Ripple Vs SEC case and many other crypto cases. Having said that, this development indicates a potential shift in the crypto regulatory environment in the US under Trump’s presidency.

On the other hand, recently a top lawyer revealed when the US SEC can start dropping the crypto cases. This revelation has further bolstered the market sentiment. Considering all these aspects, a potential settlement or dismissal of the Ripple SEC lawsuit can significantly impact the XRP price ahead. In addition, a potential approval of an ETF for the crypto could also trigger a massive rally in the asset’s price.

How’s Ripple’s Native Crypto Performing?

XRP price fell over 5% during writing and traded at $2.40 while its one-day trading volume was down 25% to $7.37 billion. Notably, the crypto has touched a 24-hour high and low of $2.55 and $2.36, respectively. Further, XRP Futures Open Interest also fell 5% to $3.62 billion, reflecting the cautious stance of the investors.

Meanwhile, despite these gloomy movements, the experts have provided some relief to the holders. Besides, it also reflects the bullish outlook of the market participants towards the long-term potential of the crypto.

However, despite that, investors should tread cautiously when making their bets. For instance, a recent price analysis for Ripple’s native crypto hinted towards a potential crash to $1, which has also sparked discussions in the market.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.