The Ripple Labs-backed cryptocurrency XRP attracted a lot of attention from investors today as its price rose after a notable decline. Surprisingly, in the midst of this bull market for the Ripple-backed token, a well-known cryptocurrency analyst offered a bullish outlook for the future price of XRP.
The forecast, which claimed that XRP may hit its $1.88 price target, attracted a lot of interest from the larger cryptocurrency community very fast. Let’s examine Dark Defender’s estimate of XRP’s price in more detail. According to their analysis, the coin will soon hit $1.88.
The analyst highlights a thorough examination of XRP’s weekly time frame in a recent report, suggesting that the cryptocurrency is getting closer to its Elliott Wave target of $1.88. Crucial Fibonacci levels are highlighted in the research, and XRP is able to stay above the crucial 38.20% threshold at $0.4623. Even though XRP was in a correction at the last Fibonacci Level of $0.3917, the token’s recent ascent has given investors a more optimistic outlook.
Additionally, a possible triangle formation was highlighted, and $0.5286 was found to be the token’s key support zone, or “Blue Support.” The expert predicts a breakout if XRP stays above this support level, which might lead to a price surge towards $1, which would represent the Weekly Ichimoku Clouds’ lowest point.
