Despite consolidating below $3, XRP shows potential for significant growth. Analysts using Elliott Wave theory foresee a breakout to $8.
Potential Market Cap Surge
If XRP reaches $8, its market cap will rise to approximately $462.21 billion, making it second only to Bitcoin, marking a milestone for the asset and its investors.
Key Price Levels and Market Sentiment
Trading analyst CasiTrades highlights that the recent price drop in XRP might be the last low before a rebound. Key support levels are $2.16, $1.87, and $1.53, setting the stage for potential bullish momentum once tested.
Long-Term Bullish Outlook
XRP remains above its 200-day SMA at $1.27, a strong indicator of bullish momentum. Technical analysis suggests that breaking the $3 resistance could pave the way for a surge to $8.
Despite short-term challenges and uncertainties, XRP's long-term outlook remains promising. Technical analysis and fundamental factors suggest potential for growth and market strength.
