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XRP investors are eyeing a potential price surge, and one analyst forecasts an optimistic outlook for the cryptocurrency.
Dark Defender, a prominent figure in the XRP community, has between the current market movement and the 2017 historic rally.
According to Dark Defender, this resemblance suggests a significant upward trajectory for XRP, potentially culminating in what he refers to as a “God Candle.”
Market Analysis And Forecast: A Closer Look At XRP’s Future
Dark Defender’s analysis centers around the observation that the current market dynamics echo the 2017 cryptocurrency boom, characterized by substantial shifts in digital asset valuations .
During this time, XRP experienced a notable ascent from mere fractions of a cent to over $3, reaching an all-time high in January 2018.
Drawing from this historical context, Dark Defender suggests that XRP’s current sideways movement may indicate an impending surge, highlighting consistent Fibonacci points as evidence of potential price targets.
While recent market activity has seen XRP’s value decline by approximately 22% over the past week, with prices dipping from last Thursday’s $0.60 to as low as $0.44 during the weekend, there are signs of resilience within the altcoin.
In the early hours of today, XRP exhibited a modest uptick , posting a marginal increase of around 1.2% and reaching a 24-hour high of $0.50. However, at the time of writing, the altcoin has retraced back down by 0.4% with a current market price of $0.49.
XRP Market Sentiment
Amidst this fluctuation, XRP whales have demonstrated a bearish sentiment. Particularly, Whale Alerts, a whale transaction tracker, has recently shared on social media platform X, highlighting the movement of large volumes of tokens.
One notable transaction involved the transfer of 158 million tokens valued at $77 million from a private wallet to the Binance crypto exchange . This sizable transfer raised concerns among investors anticipating a shift from a bearish trend to a bullish surge.
Additionally, another transaction involved the transfer of 28.9 million XRP, equivalent to $14.2 million, to Bitstamp. Despite the prevailing bearish sentiment, cryptocurrency analyst Javon Marks, similar to Darkdefender, has revealed his optimistic outlook on the altcoin.
Marks, previously recognized for his bullish stance on the altcoin, recently adjusted his predictions, envisioning a 400x surge in XRP’s price. His forecast projects the altcoin to soar to roughly $288 .
Featured image from Unsplash, Chart from TradingView