XRP Recovers from Tuesday's Crypto Market Turbulence

Some popular analysts widely followed by the crypto community pointed at the possible climb of XRP price beyond its prevailing all-time high (ATH) of $3.84.

Some popular analysts widely followed by the crypto community pointed at the possible climb of XRP price beyond its prevailing all-time high (ATH) of $3.84. Even the people at The Motley Fool suggested the token’s potential push toward $5 “very soon,” which would allow it to flip Ethereum’s (ETH) market cap once more.

However, yesterday’s more than a billion-dollar liquidation heavily impacted the crypto market. The event lead to Bitcoin (BTC) dipping to $86K for the first time in three months and XRP hanging by the thread at $2 before an eventual recovery at $2.36.

XRP Recovers From Tuesday’s Crypto Market Turbulence

At Wednesday noon (UTC), XRP managed to keep a foothold around the $2.27 range. This represents an 8.5% bounce from its lowest point in the last 24 hours and an over 2.75% gain compared to its value on Tuesday noon. Meanwhile, its market cap rebounded to over $131 billion, but not enough to reclaim the third spot Tether (USDT) snatched back during yesterday’s mayhem.

With that, some are now questioning whether the $5 play that certain analysts forecasted for XRP is still on the table.

XRP Price Still on Track to $5

The pseudonymous Dark Defender on X was one of the renowned analysts who stuck by the $5 projection for XRP price this year. He notably correctly predicted the digital asset’s $1.95 rise last year. But then again, the token’s failure to break out above the critical resistance at $2.60 and its breach below the $2.33 support has dampened optimism for the realization of his positive outlook.

The analyst explained that the technical readings strongly reinforced XRP’s $5 target. Unfortunately, the effects of unforeseen macroeconomic events on market sentiment weren’t accounted for. After all, his evaluation focused mainly on technical indicators, not emotional factors or hype.

Nevertheless, the analyst assured his legion of followers that the current XRP price trajectory remains well within a bullish target. For him, the phase fell under the corrective wave he anticipated early this month.

Barring further declines below $1.88 in a worst-case scenario, XRP price may likely be able to get another head start to potentially surpass its $3.84 ATH up to a $5 top. The reassuring expectation could be sustained by positive news in the US Securities and Exchange Commission (SEC) case against Ripple, particularly the realization of its speculated dismissal, and in the status of the pending XRP exchange-traded fund (ETF) applications under the regulator’s watch.