XRP Price Recent Dip Does Not Deter Experts from Forecasting Positive Growth Directions for the Cryptocurrency’s Future

They estimate XRP will undergo a substantial market surge that might push its value up to $8.

Despite XRP's recent price dip of over 5%, market indicators suggest these short-term drops may be part of a larger upward price movement.

As the asset experiences consolidation below $3, several key support and resistance levels are being closely monitored by analysts.

The $3 resistance level is crucial, and if XRP can sustain performance above multiple essential support points, it could be setting up for an upcoming price movement.

One interesting observation from Dark Defender's technical analysis is XRP completing a five-wave design, indicating a price movement to around $5.85 during the third wave.

Before heading toward the next resistance at $8 or higher, it must first breach this significant threshold.

The projection also aligns with the Elliott Wave theory, commonly used by technical analysts for price forecasting, where waves in the market sentiment help predict upcoming price shifts.

Furthermore, if the XRP price maintains its current support levels, particularly the $2.36 to $2.55 range, the asset could be primed for a breakout, bringing the $5-$8 price range into play.

Maintaining stability in these levels is crucial for confirming the bullish outlook.

Among the key factors influencing XRP price is the ongoing legal battle with the U.S. SEC, which has had a substantial impact on investor sentiment and price volatility over the last few years.

However, recent developments in the case have sparked hope among investors, especially after the SEC reassigned its top crypto litigator, Jorge Tenreiro, to a different department.

This move could potentially indicate upcoming changes in the regulatory environment.

If the Ripple vs. SEC case is resolved soon, it could alleviate some of the uncertainty surrounding XRP and help push its price higher.

Additionally, speculations about the lawsuit's outcome have led some analysts to predict a more favorable environment for Ripple and its digital asset.

The possibility of a settlement or a dismissal of the case, coupled with positive legal developments, could trigger a sharp rally for XRP, potentially pushing the price toward the $8 target.

Another factor that could propel XRP price is the potential approval of a XRP exchange-traded fund (ETF).

An XRP ETF would allow traditional investors to gain exposure to XRP through a regulated financial product, which could increase demand and liquidity for the asset.

Finally, recent analysis highlights XRP's weekly hammer candlestick pattern as a strong indicator of potential price surges.

Historically, similar patterns have triggered substantial rallies, such as a 2,000% rise in 2013 and over 110,000% in 2017-2018.