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Why Is XRP Price Up Today, $5 Possible By December?

Published

4 weeks ago

November 25, 2024

Analysts Elliot Wave Theory Shows Xrp Price Can Hit 18 Heres When.webp.webp

The XRP price has witnessed significant gains today, providing a bullish outlook for the crypto even as the broader crypto market witnesses a retracement led by Bitcoin. With XRP looking so bullish, crypto analyst Dark Defender has predicted that the crypto could reach $5 by December.

Why XRP Price Is Up Today

The XRP price is up over 6% today, thanks to several recent developments. First, XRP whales are actively accumulating the crypto token, indicating a bullish sentiment among these investors toward the coin. CoinGape reported that XRP whales bought over 250 million coins over the weekend.

This accumulation trend has brought about significant buying pressure for XRP, contributing to today’s price surge. Furthermore, activity in the derivative market indicates that investors are bullish on the crypto.

Coinglass data shows that the XRP futures open interest has surged on the top exchanges, with traders betting massively on the crypto. For instance, the open interest on ByBit has surged by almost 5% to $682 million. The open interest on OKX is also up by 8% and has risen to $126 million. Thanks to this, XRP’s open interest recently surged to a record high of over $2.50 billion.

Another reason why the XRP price is up is its fundamentals. Ripple has recently secured several partnerships that will increase the crypto’s utility. Today, Ripple announced the first tokenized money market fund on the XRP Ledger (XRPL).

With such a bullish outlook for XRP, crypto analyst Mikybull Crypto predicted that the coin could reach $2 this week, which would be a great way to close the monthly candle. Crypto analyst CrediBULL Crypto also suggested that the $2 target before the end of this month was possible.

In an X post, he said that XRP looks “fantastic” at its current levels as long as the Bitcoin price doesn’t “ruin” the party. He remarked that he expects a move to the range highs above $1.60 at the minimum. The crypto analyst added that this could also be the start of a larger move to the upside.

A Rally To $5 By December Is Possible

In an X post, crypto analyst Dark Defender suggested that the XRP price could rally to as high as $5 by December. This came as he provided an Elliot Wave theory analysis of the crypto. His accompanying chart showed that $5.8 was the last target in the Wave 5 impulsive move.

Providing more insights into XRP’s current price action, Dark Defender noted that the crypto has strolled around the Fibonacci level of $1.44 for a few days. He added that the crypto is targeting the range between $1.88 and $2.17 with the 5th sub-wave.

Based on the chart he shared, a rally to these levels will pave the way for a further rally to the $5 target. However, Dark Defender said that XRP must first close above $1.44 for at least the next two days to confirm these price rallies.

Based on his Elliot Wave theory analysis, the analyst had also recently predicted that the XRP price could hit $18 by next year. Meanwhile, crypto analyst Egrag Crypto recently predicted that XRP could rise to as high as $27 depending on the Bitcoin price.

In an X post, Egrag Crypto stated that XRP will reach $27 if Bitcoin hits $250,000. However, the analyst warned the crypto must close above the wick at $0.00004270 on the XRP/BTC chart to reach the double-digit target.

He added that the ultimate goal is a close above $0.00011. Interestingly, XRP could soon reach double digits, as Egrag Crypto predicts that the crypto will be $13.2 when the Bitcoin price is $120,000.