Some investors in Ripple (XRP) are hopeful about a possible price increase, with one expert predicting a positive future for this digital currency.
In simple terms, Dark Defender, an influential member of the XRP community, has made comparisons between the present market trend and the significant surge in 2017.
Based on Dark Defender’s perspective, this similarity indicators a notable rise in XRP value, which could eventually lead to what he calls a “large green candlestick” on the chart.
Market Analysis And Forecast: A Closer Look At XRP’s Future
Dark Defender notes that recent market trends resemble the unpredictable price fluctuations during the 2017 cryptocurrency craze.
In this period, XRP saw a significant rise in value, climbing from just pennies to more than $3 at its peak in early 2018, setting a new record high.
Based on the past background, Dark Defender proposes that XRP‘s present price fluctuations might signal an upcoming price increase. He points to significant Fibonacci levels as probable price objectives, providing potential evidence.
In this instant, it feels like more than mere chance is at play – it’s as if we’ve been here before, experiencing a sense of déjà vu. This feeling transports us back to the year 2017, a pivotal time marked by considerable upheaval in the cryptocurrency market.
The sideways movement we’ve experienced for an extended period hasn’t changed our targets or the levels of support indicated by Fibonacci points.
I have added the…
— Dark Defender (@DefendDark) April 17, 2024
Over the last week, XRP‘s value has dropped around 22%, causing its price to plummet from $0.60 on Thursday to a low of $0.44 over the weekend. However, there are indications that XRP is showing some strength and resilience in the market despite this decline.
This morning, XRP experienced a small rise, gaining approximately 1.2% and reaching a peak of $0.50 during the past 24 hours. At present, however, the altcoin has retreated slightly, dropping 0.4%, and its market value is now $0.49.
XRP Market Sentiment
During the market instability, XRP big investors, or “whales,” have shown signs of pessimism. Notably, Whale Alerts, a service that monitors whale transactions, has recently brought attention to some substantial XRP transfers on social media platform X, revealing the transfer of large quantities of tokens.
A significant transfer of 158 million tokens worth approximately $77 million occurred from a personal wallet to Binance, sparking curiosity amongst investors hoping for a market reversal from downtrend to uptrend.
Moreover, there was another deal where 28.9 million XRP, worth approximately $14.2 million, were moved to Bitstamp. Amidst the general pessimism in the crypto market, analyst Javon Marks shares his bullish perspective on XRP, joining the optimistic views of Darkdefender.
Previously known for his optimistic views on XRP, Marks has now changed his outlook and anticipates a significant rise in XRP’s value – up to 400 times its current price. According to his projection, XRP could reach approximately $288.
With a Full Logarithmic Follow through, prices of $XRP (Ripple) may be more than poised for $200+.
In the period between 2017 and 2018, Ripple’s prices experienced an unprecedented surge of over 108,000%, marking a significant gain. Since then, it has formed and exceeded its all-time largest resistance level.
A mind-boggling, +33,030% run from…
— JAVONMARKS (@JavonTM1) April 5, 2024
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2024-04-18 21:05