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According to crypto analyst Dark Defender, XRP could hit $1.88 in the short term, a growth of around 209% from current levels. The analyst highlights that the token has formed a cup and handle pattern on the daily chart, which is a bullish formation. The analyst set a target of $1.05 and $1.88 using Elliott Waves.
The first leg of the cup formation began after a pro-Ripple ruling in the SEC vs Ripple lawsuit. Judge Analisa Torres ruled that the sale of XRP to retail investors did not fall under securities law. However, the judge did note that the sale of the token to institutions was considered security.
Dark Defender notes that the cup’s handle is on the $0.6044 support level. The analyst says the handle may break below the support point to extend to the next support at $0.5286. Moreover, to achieve its target, the token must remain above the $0.6044 support for two consecutive days. However, the analyst says, ‘The main structure is still in place.’
Also Read: Ripple (XRP) Price Prediction For December 2023
When will XRP rise above $1?
Dark Defender has set a target of $1.88 in the short term. Hence, we may see the token rise above $1 very soon.
Furthermore, Changelly anticipates XRP to surge beyond $1 in 2024. Hence, we may see a rally of over 50% very soon.
Moreover, the token may see a spike in mass adoption, especially given that it is legally labeled a non-security. This development could cause investors to pay more attention to the token for remittance and cross-border transfers. Some analysts have even forecasted XRP to reach $3.8, a growth of over 500% from current levels.
Also Read: Ripple’s XRP Could Rally 480% and Hit $3.8: Predicts Analyst
Furthermore, there are rumors that Robinhood may list the token in Q1 of 2024. Robinhood is one of the most popular crypto exchanges and may lead to a sudden spike in new investors for the asset.
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