XRP Price Targets $6 Rally Amid Current Recovery, Here’s All

XRP price has surged more than 6% today amid a broader market recovery after the recent crash. This surge also reflects the market participants’ regaining confidence in the digital asset space. In addition, a top market expert recently predicted a potential rally for Ripple’s native crypto to $6, which has further sparked discussions in the market.

Expert Predicts XRP Price Surge To $6

The latest XRP price rally has caught the attention of market analysts, with predictions hinting at a potential climb to $6. According to expert Dark Defender, XRP is currently in its fourth wave in the intermediate cycle, paving the way for a strong fifth-wave rally. He suggests that Ripple’s native crypto could hit $5.85 based on historical patterns that have been consistent since July 2023.

In addition, he highlights another long-term primary wave cycle that could push the XRP price to as high as $18.22. While this remains a speculative projection, many investors are optimistic about the crypto’s future price action.

Another analyst, EGRAG CRYPTO, has echoed this bullish outlook. Citing analysis from market expert Squeky Mouse, he pointed out that XRP trends align with a potential rally toward $5.2.

The forecast is based on recurring market patterns and technical indicators that have previously guided XRP’s price movements. This growing consensus among analysts has fueled the excitement of the market participants, as traders anticipate further gains in the coming weeks.

Ripple’s 500 Million XRP Unlock Sparks Debate

Despite the bullish predictions, XRP price recently faced some selling pressure after Ripple unlocked 500 million tokens from its escrow. Historically, such unlocks have led to short-term price declines as supply increases in the market.

However, analysts argue that the long-term trajectory remains positive, as the crypto continues to gain traction in institutional use cases. Investors are watching whether the current recovery can sustain momentum despite these supply concerns.

How’s XRP Price Performing?

XRP price jumped over 6% during writing and traded at $2.52 while its trading volume slipped 36% to $21 billion. Notably, the token saw a 24-hour high and low of $2.78 and $2.23, respectively. However, XRP Futures Open Interest stayed near the flatline, indicating a muted interest from top investors.

Adding to the bullish sentiment, pro-XRP lawyer John Deaton recently shared an ambitious forecast. In a recent discussion, he claimed that Ripple’s native crypto has the potential to outpace Ethereum and become the second-largest cryptocurrency before facing a market correction. Besides, he also set a target of around $8 for the crypto.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.