XRP Could Target $5 to $8 As XRP Nearly Done with ABC Correction: Analyst

A prominent analyst expects XRP to reach a price discovery phase upon the completion of Elliott Waves 3 to 5 on the daily timeframe.

The bullish commentary comes despite XRP’s current bearish situation. Notably, XRP has collapsed 13.61% over the past four days, dropping from the $2.6 region to around $2.22. This bearish turn is largely due to a broader market downturn, as Bitcoin (BTC) slumps to $85K for the first time this year.

XRP Nearly Done with ABC Correction

However, analysts like Dark Defender believe the pullback is only temporary, and an XRP rebound could lead to greater heights. In his latest analysis, Dark Defender confirmed that the ongoing price drop is part of a larger ABC correction that XRP has been facing since it reached a seven-year top of $3.4 in mid-January.

For context, after reaching $3.4 on Jan. 16, XRP witnessed a collapse in the days that followed. The general direction was downward, reflecting Wave A of the ABC correction. This Wave A ended with a drop to $2.27 on Feb. 6, and the B Wave saw a mild upsurge.

This upsurge pushed XRP to a high of $2.83 on Feb. 15, culminating in the end of Wave B. Notably, Wave C resumed the correction and has now taken XRP to a current low price of $2.23, representing a 34% drop from the mid-January peak of $3.4.

According to Dark Defender, XRP is still within the Wave C of the ABC correction, and is on the verge of completing it. He called attention to the daily RSI, which has dropped below the mid band to a current value of 36.27. He stressed that at this level, the RSI is close to the oversold region.

XRP Targets $5 to $8

Once XRP completes the ABC correction, Dark Defender predicts the start of a new Elliott Wave structure. He expects the first wave to lead back to the January highs before Wave 2 would trigger another massive correction.

Interestingly, the analyst believes Wave 3 would push XRP to a new all-time high of $5.85, with the fourth wave triggering a mild correction below $4.5. Meanwhile, Dark Defender sees the fifth and last wave taking XRP to $8.03, aligning with the 2.618 Fibonacci extension.

The market watcher also presented crucial levels to watch as XRP navigates these waves. According to him, the asset could witness an important support region from $1.88 to $1.91. However, major resistance lies at $2.44, $2.99 and $5.85.

Meanwhile, another notable analyst, EGRAG, shared deeper insights into XRP’s monthly RSI, currently at 66.74. He noted that the RSI must hold above the support mark at 65 as it looks to form a double-top pattern. EGRAG says this structure typically leads to a price explosion.

#XRP – Monthly RSI Update 🌞:

⚪️A Double Top pattern is approaching! 🔝
It’s crucial that the RSI holds above 65; otherwise, we may need to touch the 14 SMA. Historical data suggests that this often precedes a significant pump! 🚀

⚪️Bollinger Bands on RSI Update 📉
The… pic.twitter.com/nEnWiiTBv1

— EGRAG CRYPTO (@egragcrypto) February 25, 2025

In addition, the market analyst stressed that the Bollinger Bands are within a wide range, with the top presenting resistance at first attempt. However, historical data indicates that the RSI usually breaches the top of the range in the second attempt, a sign of a price explosion.