Key Points:
- Several analysts are making very bullish long-term price predictions for XRP
- Predictions range from $6.10 by end of August 2024 to $32-$36 by late 2024/early 2025
- One analyst (Amonyx) even forecasts XRP could reach $57, based on logarithmic chart analysis
- In the near-term, analysts see XRP potentially breaking out of its current range soon
- Key resistance levels to watch are $0.66 and then $1.03
- Longer-term targets for the 2025 bull market peak range from $5.59 to $11.25
Ripple’s XRP, the sixth-largest cryptocurrency by market capitalization, is garnering attention from analysts who are making incredibly bullish long-term price predictions.
Several prominent analysts have recently shared their outlook for XRP’s price trajectory. XRP Hawker, a community analyst, has predicted that XRP could reach $6.10 by the end of August 2024, representing a 981% increase from current levels.
The analyst bases this prediction on XRP potentially breaking out from a major descending trendline that has acted as resistance for months.
Even more optimistic is the long-term forecast from analysts like Dark Defender, who project XRP could hit $32 to $36 by late 2024 or early 2025. This would represent a 6,000% surge from current prices. Dark Defender’s analysis is rooted in Elliott Wave Theory, a technical analysis method that identifies recurring price patterns.
Hi all. Let me update the monthly time frame on #XRP.
1. I shared the timeline below almost a year ago, before the $0.93 run (we targeted it at $0.89 when XRP was around 28 cents).
2. Then, we discussed the possibility of touching $0.3917 and called it the last frontier.
3.… pic.twitter.com/dF2GpMTA79
— Dark Defender (@DefendDark) August 8, 2024
Perhaps the most audacious prediction comes from analyst Amonyx, who suggests XRP could reach $57 based on logarithmic chart analysis. Such a price would catapult XRP to unprecedented heights in the crypto market.
Massive Green God Candles Loading. #XRP pic.twitter.com/v3KCd3Qupz
— Amonyx (@amonbuy) August 14, 2024
While these long-term predictions are eye-catching, near-term analysis suggests XRP may still face some hurdles. Cheeky Crypto, another analyst, notes that XRP might see a slight dip before a significant upward move. Key levels to watch include the $0.545 to $0.561 range as support, and $0.66 and $1.03 as important resistance levels.
For the 2025 bull market peak, more conservative estimates place XRP in the $5.59 to $11.25 range. While still representing substantial gains, these targets are far more modest than the most bullish predictions.
Fundamental factors could significantly impact XRP’s price. The ongoing legal battle between Ripple and the SEC remains a wild card. A favorable outcome for Ripple could potentially trigger a price surge, while an adverse ruling could have the opposite effect.
Currently trading at around $0.59, XRP has shown resilience in recent market conditions. The cryptocurrency has maintained support above $0.56 during recent market stagnation, suggesting that traders may be poised to enter the market at the first sign of a breakout.
Recent whale activity, including a transfer of 104 million XRP tokens worth $58.2 million between newly generated addresses, has also caught the attention of market observers. Such large transactions often precede significant market movements, although their exact implications are difficult to predict.
