XRP, a significant altcoin in the market, did not see an upward movement despite recent major developments following the approval of spot Bitcoin ETFs in the U.S. This has led investors to seek insights into XRP’s performance.
Analyst Dark Defender (@DefendDark) provided a new XRP analysis that has garnered attention among investors. The analysis examined XRP’s price movements since 2014, revealing five historical cycles: a 30-month bear cycle, a 20-month bull cycle, a 29-month bear cycle, a 13-month bull cycle, and a 19-month bear cycle.
According to Dark Defender, XRP is currently in its 6th cycle, which could extend for at least another 10 months, potentially until May 2024. The analyst calculated this by averaging the durations of previous bull cycles (13 + 20) / 2 = 16.5 months and suggested that a significant barrier could be removed by May 2024.
Dark Defender’s price analysis offers hope for XRP’s continued rise, but the volatile nature of the crypto market warrants cautious interpretation of such analyses. At the time of writing, XRP’s price of $0.5785 indicates a neutral outlook, with investors curious about when it might surpass $0.60.
Additionally, BlackRock CEO Larry Fink’s comments on the possibility of an XRP ETF, which could align with Dark Defender’s predicted price movements, have shifted focus to ETH and XRP in the altcoin market, sparking curiosity about future developments.