The price of Ripple (XRP) has increased by over 7.5% in the past 24 hours, aligning with the overall market recovery after a recent slump. This growth indicates a return of market participants’ confidence in the digital asset space. Analysts predict the token’s price may reach $6, sparking discussions in the market. Recent price surge of Ripple has drawn analysts’ attention, leading to predictions of further growth. Well-known analyst, Dark Defender, suggests that Ripple is currently in the midst of its fourth wave, setting the stage for a strong jump in the fifth wave. He forecasts that based on historical patterns dating back to July 2023, the price could reach $5.85. He also discusses another long-term cycle of major waves that could propel Ripple’s price to $18.22. Although speculative, many investors are optimistic about the digital asset’s future price. Egrag Crypto, another analyst, supports this bullish view, predicting Ripple’s price could hit $5.2. This forecast is based on repetitive market patterns and technical indicators that have guided the digital asset’s price trends in the past. This consensus among analysts has stirred excitement in the Ripple community, with traders anticipating further profits in the coming weeks. Despite bullish predictions, Ripple’s price recently came under selling pressure after the release of 500 million tokens from Ripple’s escrow account. In market history, such releases usually lead to short-term price declines as supply increases. However, analysts believe the long-term trajectory remains positive as Ripple’s adoption by organizations continues to rise. Additionally, Ripple’s advocate lawyer, John Deaton, has made bold predictions, suggesting the digital asset has the potential to overtake Ethereum and become the second largest cryptocurrency. He has set a target price of $8 for Ripple. Currently, Ripple’s price has reached $2.53, with a 6.14% increase in the past 24 hours, and its trading volume has decreased to $20.53 billion. Moreover, the open interest index of future trades for this digital asset remains steady, indicating a decline in interest from major investors.
