The market sentiment surrounding the price of XRP is becoming optimistic, with technical indicators and recent movements on the chart suggesting a promising upward trajectory in the next three months. With increasing momentum, a cryptocurrency analyst is now eyeing a potential rally that could elevate XRP to as high as $36. According to a new forecast posted by cryptocurrency analyst Dark Defender on X (formerly Twitter), the price of XRP is preparing for a potentially explosive increase to $36.
The chart analysis shows that XRP has broken through a crucial three-month resistance trendline that had limited its price action since its peak in 2018. This breakout signals a powerful shift in market structure, indicating that the long-term downtrend may have ended. Dark Defender's three-month candlestick chart applies Elliott Wave Theory, mapping out a five-wave bullish structure. The analysis shows that Waves 1 and 2 have already occurred, and XRP now appears to be entering Wave 3, which is typically seen as the strongest and longest. If this Wave 3 pattern holds, XRP may be on the brink of its most powerful rally yet. According to Dark Defender, the bullish target could reach $36.76, representing an impressive increase of 423.6%.
Before XRP reaches this projected price level, Dark Defender forecasted short- to long-term bullish targets for the cryptocurrency. In the short term, XRP could reach $3.33, with a medium-term target of $5.85. Additional milestones along the way include key percentage gain levels that may act as intermediate resistance zones. A gain of 161.8% points to a potential price of around $13.81, while a 261.8% increase suggests a move towards $18.96. If momentum continues, the token could advance further to $26.87, aligning with a 361.8% increase. On the downside, support levels at $2.3620 and $2.222 are expected to act as strongholds in case of any retracement before continuation.
Moving forward, Dark Defender reinforced his optimistic stance on XRP's future outlook, referencing a tweet dated March 17 that boldly stated: “XRP is extremely bullish.” In a post on X released on May 13, Ali Martinez, a prominent cryptocurrency analyst, revealed that on-chain data from Glassnode shows a clear upward path for XRP, with no signs of significant resistance clusters ahead. The analysis based on the Realized Price Distribution of UTXO (URPD) indicates that a significant portion of XRP tokens was last moved at lower price levels. The chart also highlights a significant support zone at $2.38, where nearly 1.85 billion XRP, equivalent to 2.92% of its supply, were last transacted. This concentration of holders may serve as a psychological and technical support level if the market pulls back. Additionally, the absence of large token holders at higher price ranges suggests that the price may experience a smoother ascent, without the weight of substantial profit-taking resistance.
