XRP Analysts See $8 Target as Elliott Wave, Cup Pattern Align

Analyst Dark Defender’s weekly chart analysis reveals that XRP has completed its fourth Elliott Wave and is now progressing into the fifth wave, a development first identified in the monthly structure on February 13th. This technical pattern suggests significant upward potential, with immediate targets set at $3.33 and $3.66. The analysis identifies crucial support levels at $2.70 and $2.64, providing a safety net for the current price action above $2.90.

Dark Defender’s Fibonacci projections extend even further, pointing to potential longer-term moves toward $4.17 and $5.85. Despite acknowledging current bearish sentiment and broader market uncertainty, the analyst maintains that “this wave can still extend into double digits.” The recent weekly close above the 50% retracement level reinforces the strength of XRP’s support range, adding credibility to the bullish Elliott Wave interpretation.

Complementing the Elliott Wave analysis, CryptoBull has identified a developing cup and handle pattern on XRP’s weekly timeframe. The pattern’s rounded base began forming toward the end of 2024, with resistance establishing near $3 earlier this year. The sideways price action observed since August appears to be forming the handle component of this classic technical formation.

CryptoBull’s analysis indicates that XRP maintaining position above the 200-day moving average—which has served as a key support line—strengthens the pattern’s validity. The analyst states unequivocally that “next stop $8” if the handle resolves upward with strong buying pressure. However, this bullish outcome requires XRP to break past the neckline resistance near $3 to confirm the pattern’s completion and trigger the projected upward move.

Analyst CRYPTOWZRD has drawn compelling comparisons between XRP’s current price action and its behavior during the 2017 bull run. The recent pattern of boxed consolidations followed by breakouts closely mirrors the consolidation phase that preceded XRP’s parabolic rally to new highs in 2017. With XRP currently trading near $3.00, the analyst identifies $3.65 as the critical level to watch for confirmation of a similar breakout pattern.

CRYPTOWZRD’s analysis suggests that a weekly close above $3.65 could propel XRP toward $4.50 or higher, entering what technical analysts call “price discovery” mode. The analyst’s comment that “it’s a question of when, not if” reflects confidence in XRP’s potential to replicate its historical performance, despite current market conditions and sentiment challenges.

Despite the bullish technical formations, Market Prophit’s data reveals a complex market environment for XRP. While overall sentiment measures indicate bullishness across both crowd data and proprietary metrics, reports show a notable lack of corporate buy orders despite rising reserves. This suggests that institutional participation remains limited, potentially tempering the immediate upside momentum that technical patterns might otherwise suggest.

Traders are closely monitoring the convergence of these technical signals, with $3.33, $3.66, and $3.65 emerging as critical breakout levels that could confirm sustained upward movement. The current trading volume of approximately $5 billion provides sufficient liquidity for significant price moves, while the slightly negative performance over the past day and week reflects the ongoing battle between bullish technical patterns and broader market uncertainty.