Crypto analyst Dark Defender has forecasted a significant increase in XRP's price to potentially reach a new all-time high (ATH) of $5.85. This prediction stems from his ABC wave analysis indicating bullish trends for the cryptocurrency.

According to Dark Defender, the emergence of a bull flag on XRP's weekly chart also suggests a potential rise to $11 by early 2025. Previously, he projected that the market top could approach $18 based on Elliot Wave theory.

Currently, XRP's price correction has followed its impressive rally of more than 200% last month. Nonetheless, it appears well-positioned for further growth, propelled by favorable fundamental factors like New York's approval of the RLUSD stablecoin. This event has heightened expectations for increased liquidity within the XRP ecosystem.

Crypto analyst CrediBULL Crypto has echoed similar bullish sentiments, alluding to the possibility of the US SEC dropping its appeal against Ripple with the new administration's arrival. Such developments could boost investor confidence, potentially elevating XRP prices further.

As of now, XRP's price is around $2.34, reflecting over an 8% increase in 24 hours, per CoinMarketCap.