XRP Price Prediction: Will the Altcoin Reach $6 During a Market Meltdown?

XRP, the fourth-largest cryptocurrency in the digital asset space, is expected to carve its bullish path towards the $6 price level during a broader market meltdown.

Cryptocurrency XRP is positioned fourth in the digital asset market, and recent analysis suggests a potential surge towards the $6 price level despite the broader market downturn.

Over the past 24 hours, XRP experienced a 3.16% gain, currently valued at $2.35. With a market valuation of $133 billion, the altcoin is now eyeing the third spot (currently held by USDT).

A crypto analyst known as “CryptoBull2020” took to X (formerly Twitter) to share their analysis, highlighting XRP’s potential path towards the $6 price point. According to the analyst, the digital asset is nearing the completion of its correctional pattern.

The analysis points to a即将到来surge, fueled by the launch of RLUSD stablecoin, which is generating enthusiasm around the cryptocurrency.

CryptoBull2020 utilized the Elliott Wave Theory in their analysis, which aligns with XRP’s price movement. The fifth wave typically marks a breakout and tends to be the most bullish stage, while the other waves build momentum.

During this phase, any pullbacks are short-lived, which appears to match the current market situation.

Since December of last year, XRP has experienced a 283.68% surge. This performance strengthens the possibility that the fifth wave remains bullish.

Trade volume for XRP also climbed 26.54% in the past 24 hours to $26.19 billion, according to CoinMarketCap data.

If Ripple’s technology continues to attract attention and the American fintech firm wins the lawsuit filed by the United States Securities and Exchange Commission (SEC), hitting $6 for XRP is not out of reach.

Broader use of RLUSD could also help XRP holders. The Relative Strength Index (RSI) reads 58.03, suggesting the bulls guide XRP’s price. The RSI line indicates a rebound for the altcoin, and it may reclaim $2.5 soon.

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