XRP, 5.85 Dollar Target Range Presented... Did a $43,032 Display Error Fuel It?

▲ XRP/AI-generated image

XRP is once again attracting market attention as its long-term technical structure and an unusual price data error overlap. One analyst claimed that the XRP chart structure, which has been tracked since October 2023, remains valid. Another analyst captured a moment when XRP's price was displayed as $43,032.32 on a major price aggregation platform.

NewsBTC reported on May 12 (local time) that on-chain analyst and technical analyst Dark Defender re-presented his XRP chart analysis, which was first published on October 25, 2023. He asserted that this chart was the only technical structure that remained valid amid XRP's highly volatile price movements over the past two and a half years.

Dark Defender's analysis is based on Elliott Wave Theory and Fibonacci extension levels. He interpreted XRP's movements by focusing on recurring price structures and key Fibonacci zones rather than short-term momentum. According to this analysis, XRP is currently maintaining its major support structure, and the recent correction phase has been technically concluded on the weekly chart.

The main upside target zones he presented included around $2.58 and $3.56. In the long-term outlook, a 5-wave target of up to $5.85 was suggested, and extended Fibonacci levels were mentioned to point to even higher zones. However, this forecast is a technical scenario predicated on XRP maintaining its key support structure.

Separately, cryptocurrency analyst Steph Is Crypto posted a video on X (formerly Twitter) showing XRP's price temporarily displayed as $43,032.32 on a major cryptocurrency price tracking platform. The calculator on the same page showed XRP's actual price at approximately $0.57, confirming that the figure was a platform data error, not an actual trading price.

NewsBTC reported that although this error is unlikely to significantly impact the actual market, it garnered attention because it occurred at a time when bullish sentiment continues among the XRP community and analysts. The analyst interpreted this as a symbolic representation of XRP's future potential.

XRP is trading around $2.11 at the time of writing, remaining above a key support line. However, for a decisive breakout, it needs to surpass the resistance zones indicated by analysts. NewsBTC also mentioned that the US cryptocurrency market structure bill is making progress in the US Senate, with prediction markets showing over 60% probability of its passage by 2026, which could serve as a short-term regulatory catalyst for XRP.

XRP has entered a phase where technical support structures and regulatory events are aligning simultaneously. The analysis that the long-term chart remains valid, combined with expectations for the US cryptocurrency market structure bill, is creating a turning point where XRP's long-term sideways movement could transition into a more distinct direction.

*Disclaimer: This article is for informational purposes only and does not constitute investment advice. No responsibility is taken for investment losses based on this information. The content should be interpreted solely for informational purposes.*