A popular cryptocurrency analyst has recently suggested that the native token of the XRP Ledger, $XRP, could soon experience a significant surge to hit a potential high of over $3 per token, which would mean the cryptocurrency has a potential upside of over 540%.
On the microblogging platform Twitter, popular analyst Dark Defender drew from historical data and use the Elliott Wave theory, a common tool for predicting future market fluctuations, to predict an impending surge for the price of XRP.
Ralph Nelson Elliott developed the Elliott Wave theory in the 1920s after he observed and identified “recurring, fractal wave patterns.” These fractal wave patterns are based on the psychology of the masses, with the Elliott Wave theory usually being interpreted based on five waves moving in the direction of a main market trend, which can be bullish or bearish, and by three corrective waves.
The repetition of these patterns, theory suggests, allows the movements of asset prices to be predicted. The theory is said to have gained notoriety when Elliott himself predicted the stock market bottom in 1935 after a 13-month correction.
Dark Defender’s interpretation of the Elliott Wave theory, coupled with an analysis of XRP’s consistent weekly trends, suggests that the cryptocurrency could reach a price point exceeding $3 in the near future.
This forthcoming surge aligns with Dark Defender’s earlier assessments, which anticipated a move towards a $3.39 high, pinpointing August as the possible moment for the breakout. The analyst highlighted that it’s important for XRP to remain above $0.46 for his prediction to materialize.
As CryptoGlobe reported, the founder and manager of Kralow Capital, Thomas Kralow has recently revealed he believes XRP could see a significant price increase to reach a bullish target of $30 per token in the short term.
As reported, large XRP holders, colloquially known as whales in the cryptocurrency space, have reportedly amassed a staggering 1.1 billion XRP, equivalent to roughly $570 million, since February.
Notably, a discernible pattern in the activity of daily active addresses might indicate that the native token of the XRP Ledger, is setting the stage for a significant price pump. The pattern has seemingly been spotted on multiple occasions in the past, leading to notable spikes.
Featured image via Pixabay.
