A popular cryptocurrency analyst has recently suggested that the price of XRP, the native token of the XRP Ledger, could reach the $1 mark in the \u201cvery short term\u201d while the cryptocurrency makes its way toward $1.88 and $5.85 in the future.<\/p>\n
In a post shared on the microblogging platform X (formerly known as Twitter), pseudonymous crypto analyst Dark Defender noted that looking at shorter time frames, the price of XRP failed to surpass the $0.73 but found support at $0.6649 per token which, to the analyst, is crucial.<\/p>\n
According to Dark Defender, XRP\u2019s \u201cvery short term targets\u201d are now at $0.8737 per token and $1.0593, before the cryptocurrency\u2019s price keep surging.<\/p>\n
The analyst used the\u00a0Elliott Wave\u00a0theory, a common tool for predicting future market fluctuations, to predict an impending surge for the price of XRP, suggesting it could hit $5.85 as they did in the past.<\/p>\n
Ralph Nelson Elliott developed the Elliott Wave theory in the 1920s after he observed and identified \u201crecurring, fractal wave patterns.\u201d These fractal wave patterns are based on the psychology of the masses, with the Elliott Wave theory usually being interpreted based on five waves moving in the direction of a main market trend, which can be bullish or bearish, and by three corrective waves.\u00a0<\/p>\n
The repetition of these patterns, theory suggests, allows the movements of asset prices to be predicted. The theory is said to have gained notoriety when Elliott himself predicted the stock market bottom in 1935 after a 13-month correction.<\/p>\n
Earlier this month, crypto analyst Cryptoinsightuk said that on a weekly timeframe data going back to 2017, price action shows that after XRP \u201centers the overbought area on the RSI [relative strength index], it \u201cmoves between 1,000%-1485% (within 3 weeks).\u201d<\/p>\n
Notably, historical data suggests\u00a0XRP\u00a0could soar by an estimated 77%\u00a0during the month of November, as according to historical data the cryptocurrency\u2019s price has surged significantly in November, with a record 531% rise in November 2013.<\/p>\n
Over the past five years, November has predominantly been unprofitable for XRP, except for 2020 when it saw a significant 178.3% gain. This suggests that the value of XRP could soon surge based on its long-term historical data for November, or it could dip following last five years\u2019 pattern.<\/p>\n
Featured image via\u00a0Pixabay.<\/p>\n