XRP Price Eruption In View: Analysts Eye $5.85 Target as Consolidation Phase Nears End

After dropping below the psychological price of $2.5, XRP is back in full swing since bullish momentum is building up.

As a result, XRP has entered the home stretch of concluding its consolidation phase, with all eyes on the $5.85 price level.

Renowned crypto analyst Dark Defender acknowledged, “XRP almost finalized the consolidation on the daily Chart, as seen from the RSI lows. Wave 3 is preparing to fire the bullet against the $5.85 parapet. The short-term target is $5.85 and $8.76. Supports: $1.88, $2.33. We are warming up, phase II.”

Market analyst Mikybull Crypto echoed these sentiments and stated that XRP was gearing up for a rebound, with the next target being $4.

At the time of writing, XRP was up by 13.68% in the past week to hit $2.70, according to CoinGecko data.

Will XRP Hit a New All-Time High (ATH) in the Short Term?

Having set $3.40 as the all-time high in January 2018, XRP is showing that it has all it takes to shatter this level, given that its price recently rose to $3.20 after Donald Trump took the helm of the U.S. presidency.

With the short-term price targets of $4 and $5.85, the XRP ecosystem is painting a bullish picture, implying that it’s just a matter of time before the third-largest cryptocurrency hits new historic highs.

Meanwhile, Ripple’s RLUSD stablecoin is expected to ignite the XRP fire by driving demand to unprecedented levels, which further cements the altcoin’s quest to soar to new heights.