A crypto analyst provided this some optimism regarding the XRP price as many are considering whether or not to continue holding it XRP tokens. This is because the underperformance of the crypto token is a concern for holders, with talks of a possible manipulation resounds through the community.
XRP price will reach $18 in short term
In a post on his X platform (formerly Twitter), crypto analyst Dark Defender shared an interesting analysis noting that XRP could reach $18 soon enough. To support his prediction, he noted that XRP retested $0.6649. According to him, this level is “no joke” because it is a very crucial level. Based on his claims, an upward trend is expected from that price level.
Meanwhile, Dark Defender also shared the monthly chart of XRP in his post. He noticed that from the graph XRP was currently above the $0.6649 price level he had previously referenced. This event could lead to XRP getting close to $1. On the chart, he highlighted $0.88 and $1.05 as targets that will be “soon achievable.”
However, the rally doesn’t stop there as the crypto analyst claimed that the “5 Wave EW structure in the Monthly Chart is still in play.” This indicator points to XRP hits $18.22 in the short medium term. The journey to $18 is not expected to be entirely smooth as he said XRP would face strong resistance at $1.08.
The good news is that once XRP can break through that level, “it will be Kaboom,” in the words of Dark Defender. As for how quickly XRP could reach $18, the accompanying chart suggests this could happen between July and October 2024.
Token price falls to $0.62 | Source: XRPUSD on Tradingview.com
A growing frustration in the XRP community?
Last weekend, a pro-XRP crypto influencer, Chloe, released a X message which she expressed her frustration about The price drop of XRP and declared that she had “sold everything.” Before that post suggesting she sold her XRP holdings, she had a earlier message where she seemed very dissatisfied with XRP’s price action.
Although Chloe came out later clarify that she was not selling “any XRP,” her past posts illustrate the growing frustration in the XRP community. Currently, many seem surprised by XRP’s terrible price action. One of them is pro-XRP legal expert Bill Morganwho recently questioned the reason for XRP’s underperformance.
In a X messagethe lawyer stated that XRP has failed to outperform most other tokens in the top 10 by market capitalization, despite obtaining clarity in the field of regulations. Interestingly, he noted that the price of XRP was higher five years ago than it is today. According to Morgan, there must be a better explanation for XRP’s price movement than just “saying it follows the market.”
Featured image of CoinGape, chart from Tradingview.com