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.
By Bena Ilyas
Edited by Julia Sakovich
Updated
3 mins read
Despite declining 11% in the last 24 hours, XRP XRP $2.09 24h volatility: 2.5% Market cap: $121.94 B Vol. 24h: $4.47 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.
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
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.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
