XRP News Today: XRP's Bullish Trend: Analysts Predict 33% Gain to $3.3333

Prominent cryptocurrency analyst Dark Defender has provided a detailed technical analysis of XRP’s current market structure, highlighting a potentially bullish scenario in the 4-hour time frame. The analyst confirms that XRP has completed the first leg of a corrective pattern and is preparing for a potential upward movement. The chart marks the completion of this wave at $2.59 and identifies the corrective wave A as having finalized at around $2.36. Dark Defender noted that he had already predicted the $2.59 top and the $2.36 correction level, and has now outlined the asset’s next steps.

Following the completion of the A wave, the analyst expects XRP to rise toward the $2.55 level, forming wave B in an ABC corrective structure. After the anticipated retracement in wave C, the chart projects a strong upward leg targeting $3.3333 as wave 3. This longer-term projection implies a continued overall bullish trend once the corrective phase is complete. The analyst also highlighted important Fibonacci retracement levels, with the 61.80% level at $2.4189 and the 50.00% level at $2.3502. At the time of his analysis, the asset traded at $2.42, and these levels are near-term support levels, with the chart suggesting buying interest around the 50% Fibonacci level, which caused a brief rebound.

In his post, Dark Defender identifies key support levels at $2.3502 and $2.2222, while resistance is expected at $2.58 and ultimately at $3.3333 in the short term. These values outline the potential trading range for XRP as the corrective wave plays out. Other analysts have shared bullish expectations for XRP, and the chart depicts a potential impulse wave forming once the correction concludes, aligning with the bullish outlook presented.

XRP's price has shown significant volatility, briefly moving above $2.6 this week before sellers pushed it back under $2.5. This price action has led to uncertainty among analysts about the potential for further upside. The cryptocurrency's recent rally was not backed by actual demand but rather by speculative buying, as indicated by a negative Price–DAA Divergence and a spiking NVT Ratio. These metrics suggest that the price movement was not supported by a growing user base, which could lead to a price correction.

An analyst, Man of Bitcoin, suggested that XRP may have already topped locally, citing the Elliott Wave structure. If the altcoin breaks below the descending trend line, it would indicate that the correction is already starting. The support zone for wave 2 lies between $2.19 and $1.79, with $2.33 acting as the next key validation level for downside continuation. This pullback is typical when the market experiences a price upswing and investors start to take profit.

Despite the recent decline, the altcoin’s MVRV suggests that a top is unlikely and the retrace will not result in strong losses. At 2.9 MVRV, XRP remains in a neutral zone. Historically, a local top has occurred around 3.2 while a market top has emerged above 3.5. This indicates that while there may be some downward pressure, the overall sentiment remains neutral.

Looking ahead, the recent decline in XRP’s price appears to be primarily driven by a broader market pullback. If the downward trend persists, XRP may see a pullback to around $2.34 before possibly making another upward move. Conversely, if the retracement is influenced by the overall market sentiment, we could witness a rebound that allows XRP to reclaim the $2.56 level. Technical support sits at $2.3, and a break above the May 12 high of $2.6553 could signal a move toward $3.00, with the potential to reach the record high of $3.00.