Cryptocurrency analysts predict that the price of XRP will soar to $5.85 or higher.

Cryptocurrency analyst Dark Defender (@DefendDark) has made a bullish forecast for XRP, predicting that the price will break through $5.85 based on the combined effect of technical indicators and chart patterns. Despite the recent market stagnation, the analyst emphasized several key factors, including the application of Elliott Waves, indicating a significant pump is imminent.
According to Dark Defender, the price of XRP is currently determined by three trend lines. Two of the trend lines form a symmetrical triangle pattern, while the third trend line (the downward-sloping orange line) represents the long-term downtrend that XRP recently broke through on the monthly chart.
The symmetrical triangle formed by two converging trendlines indicates a consolidation period of 4 years. This pattern is typically considered a continuation pattern, which means that the price is likely to continue in the direction of the existing trend after a breakout. In the case of XRP, the price has made several attempts to break upwards - so far without success.
The third trend line is the downward sloping orange line, which has been an important resistance level for XRP since the summer of 2021. XRP has broken through this long-term downtrend line on the monthly chart, which is a strong bullish signal. This breakthrough indicates a shift in market sentiment from bearish to bullish, which may result in a significant pump in price.
An essential part of Dark Defender's analysis is the application of Elliott Waves to the price action of XRP. The charts shared by the analyst show Elliott Wave counts indicating that XRP is about to enter the third wave impulse, which is the most powerful and longest wave in the historical five-wave trend sequence.
Against this backdrop, analysts believe that XRP has completed its second wave (a corrective phase characterized by price declines) and is now entering its third wave. This wave is typically marked by strong momentum and increased market participation, which may explain the trend towards an expected breakthrough of $5.85.
The predicted target is usually consistent with the Fibonacci extension levels associated with the third wave trend, providing a strong technical basis for a significant pump in price. In the short term, the 70.2% Fibonacci price level of $0.6649 is the most critical resistance level for XRP. If this barrier is broken, the third wave may be confirmed. The first major extension target will be the 161.8% Fibonacci level of $1.88. The ultimate target could be the 261.8% Fibonacci level of $5.85.
The analyst also pointed out that the average price of Heikin Ashi candlestick chart is currently $0.57 on the monthly chart. Dark Defender said, 'When considering the Heikin Ashi candlestick chart (average price candlestick chart, currently $0.57), the monthly average price remains above the support level, which is crucial for maintaining momentum for XRP.'
In addition, a green dot appeared in the Moving Average Convergence Divergence (MACD) indicator within the monthly time range, which is a bullish signal indicating that the pump momentum is strengthening. MACD is a momentum oscillation indicator that can help traders identify potential trend reversals. A green dot usually indicates that the MACD line has crossed above the signal line, indicating a positive change in momentum.
Finally, Dark Defender believes that XRP's price action is largely unaffected by external news events, including developments related to the SEC's lawsuit against Ripple. While acknowledging that such news may have a minor impact, the analyst believes that technical patterns and indicators have a greater influence on the price movement of XRP.
“As expected by most, nothing happened after the appeal decision. XRP is just at the level above the Ichimoku cloud top of 0.60 US dollars, and then Rebound from there to above 0.50 US dollars. I'm bullish; why? As I have always emphasized, XRP will not follow any news, such as SEC. Well, their impact is minimal, but that's all,” Dark Defender pointed out.
Based on the technical factors outlined, including the breakthrough of the long-term downtrend line, the importance of the symmetrical triangle, the significance of Heikin Ashi monthly average price, the bullish signal from MACD, and Elliott wave counting, Dark Defender holds a 'super bullish' attitude towards XRP. Analysts expect the asset to follow historical patterns, leading to a price exceeding $5.85.
(Data Source: Jake Simmons)