XRP’s Wild Ride: $5.85 or Bust! 🚀

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Though our dear XRP has suffered a modest 11% decline in the last 24 hours, priced now at a mere $2.75, fear not, for great things are afoot! 🌟

Market analyst Dark Defender, a name that sounds like it was pulled from a comic book, has spotted a 4-hour triangle pattern in XRP’s chart. With the current price lingering around $2.81, the analysis suggests a bullish breakout aimed at $5.85, and perhaps even the moon! 🌕

Source: Dark Defender

This grand anticipation is built upon the Elliott Wave structure, a mystical charting technique from August 2023. It foretells a five-wave pattern, indicating strong bullish momentum. The third wave, oh the pivotal third wave, is expected to catapult XRP to $5.85. 🌪️

Another resistance level awaits at $4.55, while long-term Fibonacci extensions, a tool possibly used by ancient mathematicians to predict cryptocurrency prices, hint at a staggering $18.23 target. If this prophecy comes true, it would be a 361.80% increase, enough to make any trader’s heart race! 🏃💨

XRP Bulls: The SteadyHeroes

The Ichimoku cloud indicator, a mysterious Japanese technique that looks like a child’s drawing, shows XRP maintaining firm support levels, indicating solid market confidence. A successful retest of the $1.97 breakeven point earlier has further bolstered optimism. This retest has convinced many that XRP’s trajectory is heading upward with renewed vigor, like a phoenix rising from the ashes! 🐦🔥

The XRP Long/Short Ratio chart shows a slightly bullish trend as long positions have overtaken shorts at 53.28% against 46.72%, according to CoinGlass. The upward trajectory of the Long/Short ratio, currently at 1.14, signals that buyers are gaining confidence. This shift could indicate potential upward momentum for XRP in the short term, or at least that’s what the tea leaves are saying! 🍵

Source: CoinGlass

However, recent XRP netflow data indicates a significant outflow of $103.65 million on January 27, suggesting bearish sentiment as investors move funds out of exchanges. Historically, large outflows often reflect decreasing market confidence or profit-taking, aligning with the price drop from earlier highs near $3 to $2.82. It seems not everyone is buying the hype! 🐻

Source: CoinGlass

Elon Musk: XRP’s Secret Admirer? 🤔

Speculation reached a fever pitch after rumors about a now-deleted post by Elon Musk. The Twitter/X owner allegedly commented that “XRP is looking quite promising” before removing the post within 20 seconds. Although unverified, this incident generated widespread discussion within the crypto community, proving that even a whisper from Musk can move mountains! 🗻

🚨RUMORS: Elon Musk has posted: “#XRP is looking quite promising.“ He deleted the post within 20 seconds.

— JackTheRippler ©️ (@RippleXrpie) January 27, 2025

On January 25, attention turned to the SEC’s legal proceedings involving Ripple. A closed-door meeting on January 23 likely discussed enforcement strategies, including a possible appeal in the Ripple case. Acting SEC Chair Mark Uyeda’s recent comments added intrigue. In November, he expressed opposition to enforcement cases without fraud allegations, stating: 

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2025-01-27 14:11