Analysts continue to forecast XRP's significant price increase based on technical analysis and market dynamics.
New Target Level for XRP
Crypto analyst Dark Defender has predicted that XRP could reach a new price high of $5.85 based on ABC wave analysis. He observed that XRP previously rebounded from the $1.88 mark and is now moving confidently towards the new high. This is supported by a 'bull flag' on the weekly chart, indicating a potential rise to $11 by early 2025. The current goal is to exceed the existing ATH of $3.80.
Fundamental Factors Impacting XRP
A major growth factor is the approval for the launch of the RLUSD stablecoin in New York, leading to a significant price bounce. Ripple's CEO, Brad Garlinghouse, confirmed that exchange listings and partner launches for RLUSD are expected. Analysts believe that the launch of RLUSD could inject additional liquidity into the XRP ecosystem, accelerating price growth.
Future Projections for XRP
Crypto analyst CrediBULL Crypto is optimistic about XRP's future price rise, linking it to the potential dismissal of the SEC's appeal against Ripple. This development could boost investor confidence and strengthen the bullish trend. Analysts anticipate that the current bull run could push XRP's price to $10. At the time of writing, the XRP price stands at $2.34, up over 8% in the last 24 hours, according to CoinMarketCap data.
The anticipated rise in XRP's price to new heights is based on both fundamental improvements and optimistic market expectations, providing investors with a positive outlook.
