- Market analyst Dark Defender predicts XRP could break above the $3 level permanently, targeting $5.8.
- XRP reclaimed $3 on January 15 for the first time since 2018 but faced resistance at $3.4.
- Fibonacci analysis suggests XRP could double its 2018 all-time high if bullish momentum persists.
XRP has caught the attention of market analysts, with notable commentator Dark Defender asserting that the token is poised to transcend the $3 psychological barrier permanently. This prediction comes as XRP moves through market uncertainty, trading at $3.1198 at press time, down 0.85% in the past 24 hours.
On January 15, XRP reclaimed $3 for the first time since January 2018, rallying to $3.4 the following day before encountering resistance. The move was part of a bullish phase that began last November, propelling the coin from $0.5 to $3 in less than two months. Analysts believe this momentum could lead to further highs.
XRP at $3 Will Be History Forever
According to Dark Defender, XRP’s recent break above $3 signals a turning point. He highlighted a descending trendline on a 4-hour chart that has capped bullish momentum since Ripple hit $3.4. After initially breaking this trendline on January 20 and retesting it, the coin showed signs of a potential bullish run.
The resistance at $3.24 was broken during this move, with XRP briefly climbing to $3.36. However, the breakout was invalidated as the coin faced selling pressure, pulling back to its current price level. Despite this setback, Dark Defender believes that $3 will soon “be history forever,” anticipating a sustained bullish run.
Price Targets: Can It Hit $5.8?
Dark Defender’s analysis points to a $5.8 target for XRP, aligning with the Fibonacci extension level at 261.8%. Achieving this milestone would see XRP surpass the $4 psychological level and nearly double its 2018 all-time high of $3.41.
At its current price of $3.1198, XRP would need to rally by approximately 86% to reach the $5.8 target. Notably, another market analyst, EGRAG, has previously suggested that the coin’s worst-case scenario in this bull run could see it hit $6.
While the projections are bullish, the coin’s short-term momentum has been hampered by broader market challenges. Over the past seven days, the token has dropped 5.49%, reflecting a period of consolidation. A rebound above the descending trendline could reignite bullish momentum, with $3.24 acting as a key resistance level.
