XRP Bulls Eye $8 as Elliott Wave Theory Predicts Breakout

XRP, the native cryptocurrency of the Ripple network, has been the subject of bullish predictions from analysts, with some forecasting a breakout that could propel the token's price to $8. This optimism is based on technical analysis and the Elliott Wave theory, which suggests that XRP is within a bullish wave structure.

Dark Defender, an analyst, believes that once XRP breaks through the $3 resistance level, a significant rally toward $5.85 is likely, followed by an eventual push beyond $8. This forecast is supported by the Elliott Wave theory, which has been used to map out the asset's price movements. The analyst noted that the outlook for the token is becoming more promising, with the $8 target representing a key milestone in the bullish continuation.

If the token reaches the $8 price point, its market capitalization will rise to approximately $462.21 billion. This would place XRP just behind Bitcoin (BTC) in market capitalization, making it the second-largest cryptocurrency globally. Such a substantial price increase would mark a significant milestone for the digital asset and its community of investors.

Another perspective from trading analyst CasiTrades highlights that the token's recent price decline, which aligns with broader market trends, could be the final low before a potential rebound. Despite the prolonged sell-off, CasiTrades maintains that the technical outlook for the asset remains largely positive. Key support levels to watch are $2.16, $1.87, and $1.53, with XRP potentially entering a bullish phase once these lows are tested.

The current technical structure suggests that the asset may be in the fifth C-wave of an ABC correction, which could soon lead to a significant upward movement. If this prediction holds, XRP could surpass its all-time highs with little resistance, setting the stage for even more considerable gains.

Currently, the token is trading at $2.44, reflecting a 2.86% decline in the last 24 hours and a 21.90% drop over the past week. Despite these short-term losses, the long-term outlook for the token remains optimistic. XRP continues to trade above its 200-day simple moving average (SMA) of $1.27, a strong indicator of bullish momentum over the longer term.