XRP Price to Hit $1 or $3 Next? Here’s What Analysts Expect

Key Insights:

• Peter Brandt and Ali Martinez predicted XRP price could crash towards $1.
• Crypto analyst Dark Defender claimed an upcoming rally.
• Ripple coin price bounces 3% in the past few hours after US CPI inflation cools.

When XRP dropped below the important $2 support level, many wondered whether it could fall all the way to $1.

However, the Ripple coin has recovered by more than 3% in the last few hours, which lines up with some analysts’ positive predictions.

With the price still below a key support level and extreme fear in the crypto market, the big question is whether XRP will bounce back or fall to $1.

XRP Price Outlook Remains Unclear

Traders aren’t sure what’s next for XRP price. Even with steady inflows into spot XRP ETFs, the price hasn’t gone up.

Veteran trader Peter Brandt shared a double-top pattern formation on the weekly chart, a strong sign of further correction.

As The Coin Republic reported earlier, Peter Brandt was bullish on XRP price. However, the formation of bearish patterns has turned him bearish.

Adding to the bearish predictions, crypto analyst Ali Martinez also predicted a crash to $1. He highlighted that whales have been selling off their holdings.

They’ve sold 1.18 billion XRP over the last four weeks. The selling spree is weighing heavily on the XRP price momentum.

Bullish Predictions by Some Analysts

Other market experts have a different view and remain confident that XRP will stay above the $2 support level. This comes despite the coin staying below its 50-week moving average (WMA) for 7 weeks in a row.

Despite the recent weakness, market analyst Steph past data reveals that XRP has often made big rallies after staying below the 50-MA for a while.

Dark Defender, another popular crypto analyst, noted that the XRP price correction nears end. The analyst predicts a massive upcoming rally from the $1.88 support levels.

His recent price prediction is based on his Elliott Wave outlook. Dark Defender claimed XRP has completed Wave 4 of its broader Elliott Wave cycle, positioning to enter Wave 5.

He believes that this phase could support a rally of more than 200% from current levels. The final corrective move, Wave C, bottomed at $1.88.

He also pointed to a critical support zone between $2.22 and $1.88. He noted that the XRP price briefly traded within this range before rebounding.

Dark Defender said that the Wave 4 pullback aligned closely with the 70.2% Fibonacci level. This conclusion came from combining Elliott Wave analysis with Fibonacci retracement signals.

If history repeats itself, an 857% rally from the current low near $1.81 could send XRP to about $17.30. Even a more cautious estimate of a 428% gain would bring the Ripple coin price to $9.55.

Meanwhile, spot XRP ETFs saw 24 straight days of inflows, indicating strong institutional interest. XRP ETFs recorded net inflows of $18.99 million on Wednesday, according to SoSoValue data.

Moreover, the total inflows surpassed $1 billion earlier this week. The total assets under management (AuM) reached $1.14 billion. However, XRP price has dropped even after six weeks of steady inflows.

XRP Price Bounces Today

XRP price jumped more than 3% from the 24-hour low of $1.83. The Ripple coin price was trading at $1.91 at the time of writing.

Furthermore, a 60% increase in trading volume has further supported a rise in prices. Interest among traders has increased as RSI was in the oversold region.

The latest rise in price comes after the US CPI inflation came at 2.6%, way below market expectations of 3%.

CoinGlass data showed significant buying in the derivatives market. At the time of writing, the 24-hour total XRP futures open interest jumped 1.40% to $3.44 billion in the last 4 hours.

XRP futures OI on CME and Binance climbed more than 2.65% and 1%, respectively. This signals buy-the-dip sentiment among derivatives traders.