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    XRP Skeptic’s Shocking $4,761 Prediction

    As XRP attempts to maintain a value around the $3 mark, a well-known Bitcoin proponent, who has historically been critical of XRP, has shared their updated prediction for its price. This forecast has sparked considerable discussion, as it blends technical chart analysis with a currency clarification, which initially caused some readers to misinterpret the valuation.

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    Chart Pattern Analysis and Projected Price

    The analyst suggests that XRP has formed a distinctive “W” pattern on its weekly chart after reaching a peak of approximately $3.40 in January. The pattern identified includes a decline from the $3.40 high to a low of $2.11 in April, a subsequent rise to $2.60 in May, followed by a decrease towards $2.00 in June, before the latest rally pushed the price above the initial January high.

    This return to the previous high, according to the analyst, completes the “W” formation. They characterized this price movement as natural market action, contrasting it with a rapid 580% increase observed between November 2024 and January 2025. The analyst implied that this earlier surge exhibited indications of unusual market forces.

    Clarifying the Fibonacci Extension Target

    Reportedly, the analyst applied Fibonacci extension levels to the identified chart pattern. The 1.618 Fibonacci extension point was calculated to be 4,555 Chilean pesos (CLP).

    The analyst also pointed out a range around 4,700 pesos. Initially, they posted a figure of 4,761, which many interpreted as US dollars. The analyst later clarified that the figure was denominated in Chilean pesos, equating to approximately $4.93 USD.

    In simple terms, the analyst’s short-term calculations suggest XRP may approach the $5 mark, not $4,761. They added that XRP could potentially surpass the 1.618 Fibonacci level slightly before experiencing a correction.

    XRP market cap currently at $178 billion. Chart: TradingView

    Interestingly, this analyst hasn’t always held a pessimistic view of XRP. In the past, they suggested a potential rally to between $20 and $24 during the current market cycle, while simultaneously expressing reservations about the asset’s underlying fundamentals.

    As recently as January, they stated that any upward price movement would be driven by cyclical factors rather than a change in their fundamental assessment of XRP. It remains uncertain whether the new target of 4,761 CLP represents a step towards the earlier, higher forecast.

    Institutional Interest and Futures Market Activity

    New data reveals that XRP futures, available on the CME exchange, reached $1 billion in open interest more rapidly than any other cryptocurrency derivative offered by the exchange.

    Launched on May 19, 2025, these contracts achieved this milestone in just over three months. Since their introduction, traders have executed 251,000 contracts, representing a total notional volume of $9.02 billion.

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    The average daily trading volume for these contracts has been $143 million, with a single-day record of $235 million established in July. These figures illustrate growing participation from both institutional and retail investors in XRP-related derivatives.

    The analyst’s current prediction points to XRP potentially reaching around $5 based on Fibonacci retracement levels, a change from past skepticism. Concurrently, reports indicate that XRP futures on CME achieved $1 billion in open interest within three months, signifying strong market momentum as the cryptocurrency struggles to stay above the $3 level.

    Featured image from Meta, chart from TradingView

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