A renowned crypto market expert sent shockwaves across the broader sector this Thursday by projecting a highly bullish outlook for XRP price. Analyst Dark Defender has forecasted that an $8 price target for the crypto looms right over the horizon. In the wake of XRP ETF and Ripple IPO odds gaining substantial weight, traders and investors are highly optimistic that this bullish prediction will be accurate.
Market Expert Predicts XRP Price To $8 Despite Turbulence
XRP price is currently trading at the $2.35 level, down nearly 4% in the past 24 hours. The American blockchain payment company’s crypto bottomed at $2.33 intraday. Notably, the weekly chart for the coin further shows a nearly 6% dip in value. However, despite the broader waning action, market experts believe price can rally ahead.
According to analyst Dark Defender’s X post on March 27, Ripple’s coin is targeting $5.85 and $8.076 shortly ahead. The analyst cites these bullish targets based on price analysis of a 3-month time frame chart.
Taking into consideration January, February, and March, the analyst highlights that a 3-month candle will close by this month’s end. “When you zoom out, you can see a clear bullish momentum” for the coin, the analyst added based on his analysis.
Source: Dark Defender, X
For context, while larger time frames (like 3-month charts) are often used to assess the overall trend, smaller ones are used for short-term trading. In conclusion, after a broader time frame analysis by Dark Defender, the analyst strongly believes that XRP price target for the 3rd wave remains ultimately at $8.
Can $8 Prediction Come True? Ripple IPO & XRP ETF Odds Spark Optimism
Simultaneously, broader market advancements for the Ripple community have added to hopes of a looming bull run. In a riveting turn of events, following the SEC lawsuit settlement, market participants are now eyeing a Ripple IPO (Initial Public Offering). CoinGape reported that although there have been no official announcements yet, experts believe such a feat will happen in the next 12 to 18 months.
While this mover could fuel a remarkable bull run for XRP price, soaring Ripple ETF odds have added further optimism. Recent Polymarket data indicated that there is an 85% chance of an ETF approval by this year (2025).
In turn, bullish market sentiments surrounding the crypto continue to rise. Also, it’s worth mentioning that the RLUSD stablecoin-fueled hype has injected further optimism for future movements.
XRP Derivatives Market Overview
Meanwhile, Coinglass data indicated that XRP futures OI rose from the $2 billion level and closed in on $4 billion since March 12 to date. This data indicated renewed market interest in the crypto amid broader advancements.
Source: Coinglass
Simultaneously, the coin’s derivatives volume was also up 24% today, reaching $5.35 billion. Overall, market watchers remain highly bullish on the crypto’s long-term prospects due to the broader dynamics.
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