Despite these setbacks, analysts maintain a bullish long-term outlook for XRP, outlining a trajectory that could see the asset rise to $5.85 and beyond, provided key technical levels hold firm.
The price structure of XRP indicates a clear bullish path, with numerous indicators supporting the possibility of a rebound.
According to a forecast based on Elliott Wave theory, crypto analyst Dark Defender noted in a recent post that XRP is currently in the 4th wave of its intermediate cycle, setting the stage for a breakout into the 5th wave toward the $5.85 mark.
A broader bullish forecast also remains intact, with Primary Cycle predictions pointing to a long-term target of $18.22. If buying momentum increases, XRP could break through key resistance levels, initiating a prolonged upward trend.
In addition to the bullish forecast, analyst Dom compared the recent decline in XRP's price to two significant historical sell-offs — the SEC lawsuit-induced dump in December 2020, when XRP fell by 70.61%, and the COVID-19 crash in March 2020, when XRP dropped by 55.37% alongside global markets.