Speculation intensified after rumors about a now-deleted post by Elon Musk. The Twitter/X owner allegedly commented that “XRP is looking quite promising” before removing the post within 20 seconds.
Despite declining 11% in the last 24 hours, XRP XRP $2.20 24h volatility: 3.5% Market cap: $128.40 B Vol. 24h: $2.94 B is poised for a major breakout. Market analyst Dark Defender recently highlighted a 4-hour triangle pattern forming in XRP’s chart. With its current price hovering around $2.81, the analysis suggests a bullish breakout eyes $5.85 and possibly beyond.
Source: Dark Defender
The anticipation builds upon the Elliott Wave structure outlined in August 2023. That structure highlighted a five-wave pattern, pointing to strong bullish momentum. The third wave, seen as pivotal in the theory, is expected to propel XRP to $5.85.
Another resistance level has been marked at $4.55, while long-term Fibonacci extensions hint at a possible $18.23 target. If that lofty projection materializes, it would represent a staggering 361.80% increase, lighting up traders’ imaginations.
XRP Bulls Hold Steady
Adding to the bullish narrative, the Ichimoku cloud indicator shows XRP maintaining firm support levels, indicating solid market confidence. A successful retest of the $1.97 breakeven point earlier further bolstered optimism. This retest has convinced many that XRP’s trajectory is heading upward with renewed vigor.
The XRP Long/Short Ratio chart shows a slightly bullish trend as long positions have overtaken shorts at 53.28% against 46.72%, according to CoinGlass. The upward trajectory of the Long/Short ratio, currently at 1.14, signals that buyers are gaining confidence. This shift could indicate potential upward momentum for XRP in the short term.
Source: CoinGlass
However, recent XRP netflow data indicates a significant outflow of $103.65 million on January 27, suggesting bearish sentiment as investors move funds out of exchanges. Historically, large outflows often reflect decreasing market confidence or profit-taking, aligning with the price drop from earlier highs near $3 to $2.82.
Source: CoinGlass
Did Elon Musk Hint at XRP?
Speculation intensified after rumors about a now-deleted post by Elon Musk. The Twitter/X owner allegedly commented that “XRP is looking quite promising” before removing the post within 20 seconds. Although unverified, this incident generated widespread discussion within the crypto community.
🚨RUMORS: Elon Musk has posted: “#XRP is looking quite promising.“
— JackTheRippler ©️ (@RippleXrpie) January 27, 2025
He deleted the post within 20 seconds. pic.twitter.com/nOb6vhZQvj
On January 25, attention turned to the SEC’s legal proceedings involving Ripple. A closed-door meeting on January 23 likely discussed enforcement strategies, including a possible appeal in the Ripple case. Acting SEC Chair Mark Uyeda’s recent comments added intrigue. In November, he expressed opposition to enforcement cases without fraud allegations, stating:
“The Commission’s war on crypto must end.”
Speculation has grown about whether the SEC might withdraw its appeal. At least three Commissioners are needed to meet quorum requirements for such a vote. However, recent SEC actions, such as the withdrawal of Staff Accounting Bulletin 121, suggest protocol deviations may be under consideration.
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