XRP Gears Up for 261% Price Boom as 3rd Wave Targets $5.85

Market analyst Dark Defender recently highlighted an intriguing development: XRP forms a narrowing triangle pattern on the 4-hour chart, often a precursor to significant price movements.

Despite a 9% decline in the last 24 hours, projections suggest a breakout that could push XRP to $5.85 – an impressive 261% growth from its current price.

XRP is preparing for upside. Source: BNC’s XRPLX

The forecast relies on the Elliott Wave structure established back in August 2023, which identified a five-wave formation that indicates bullish momentum. The third wave in that sequence has captured attention as it often represents the strongest upward movement.

Source: Dark Defender

Should this analysis hold, XRP could hit a resistance level at $4.55 before aiming for the ambitious $5.85 mark. Long-term enthusiasts are even eyeing Fibonacci extension levels that suggest a possible rise to $18.23.

Several key indicators support the bullish outlook for XRP. The Ichimoku cloud, a trend-following tool, shows XRP maintaining strength above critical support levels. This trend reflects growing market confidence in the token’s upward potential. Additionally, the $1.97 breakeven line, a crucial trade zone, has been successfully retested, reinforcing the case for sustained growth.

However, CoinGlass shows a significant XRP net outflow in late January, suggesting heavy selling pressure. The XRP price remains volatile, dipping below $3. Such a trend indicates bearish sentiment as selling dominates inflows.

Source: CoinGlass

Meanwhile, the ongoing Ripple-SEC saga remains a focal point for XRP investors. On January 25, speculation arose regarding the SEC’s strategy in its appeal against Ripple. Just days earlier, on January 23, the SEC held a closed-door meeting that likely addressed enforcement actions, including Ripple’s case.

Notably, Commissioner Mark Uyeda, recently appointed as acting Chair, has called for an end to non-fraud-related enforcement cases. In November, Uyeda stated:

 The Commission’s war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm.”

Adding fuel to the fire, a whirlwind of speculation erupted following rumors that Elon Musk, the tech mogul and owner of Twitter/X, briefly mentioned XRP in a now-deleted post. Reports claim Musk shared, “XRP is looking quite promising,” only to remove the post within 20 seconds. Though no concrete evidence has emerged, the incident has left the crypto community buzzing with curiosity.

Source: JackTheRippler

Finally, it is clear that the Trump administration’s strategy toward American-based crypto assets is set to redefine the landscape of innovation and growth within the digital asset industry. Eric Trump’s recent statements highlight a clear dedication to cultivating a pro-crypto environment, with initiatives such as tax incentives for U.S.-based blockchain projects. These efforts are designed to draw leading-edge crypto firms to the United States, establishing the nation as a global epicenter for cryptocurrency innovation. By creating a supportive regulatory and tax framework, the administration is paving the way for American crypto ventures such as Ripple and XRP to flourish, driving job creation and technological advancement.

This bold pro-crypto approach seamlessly aligns with the administration’s overarching “America First” economic vision. Prioritizing the expansion of domestic crypto assets strengthens the national economy while ensuring the U.S. stays at the forefront of the rapidly advancing digital finance sector. By championing blockchain innovation, the administration positions American companies to lead in decentralized finance (DeFi), cryptocurrency mining, and Web3 development. These forward-thinking policies promise to attract substantial investment, solidifying the United States’ role as the premier global destination for crypto growth and leadership.