As a seasoned crypto investor with several years of experience under my belt, I have seen the volatile nature of the XRP market firsthand. Yesterday’s sudden 11% dip in the price of XRP was disheartening, but it didn’t deter me from maintaining a bullish stance on its short-term prospects based on the analysis of popular crypto analyst Dark Defender.
As an analyst, I’ve observed a notable surge in XRP‘s price over the past few days, reaching a peak of $0.6378. However, this upward trend was disrupted suddenly, causing the price to drop by over 11% momentarily. Despite this setback, Dark Defender, a renowned crypto analyst, maintains his optimistic stance in the near term. Even if the current dip expands, his bullish sentiment persists.
XRP Price Could Eclipse The $1 Mark Again
Based on his assessment, the XRP price appears to be advancing towards the $1.03 level in the near term, as indicated by the intricately interacting market forces and technical indicators observed within the 4-hour chart timeframe.
Dark Defender’s chart indicates a substantial surge in XRP‘s value, which represents a 67.56% climb from its previous low at $0.3814 to its current peak of $0.6378. The prediction is derived utilizing Elliott Wave Theory and Fibonacci retracement levels as analytical methods. These technical assessment techniques are commonly applied to estimate prospective price goals based on historical market trends.
The Elliott Wave Theory, integral to Dark Defender’s market analysis, proposes that financial markets follow distinct, recurring patterns referred to as “waves.” In line with this theory, a standard cycle consists of eight parts: five progressive waves aligning with the primary trend, and three corrective waves which Dark Defender has pinpointed on the XRP price chart.
In the latest surge of XRP, a distinct pattern of five successive upward movements has emerged, identified as waves (1) through (5). This trend signifies a robust bullish shift from the previous low to the current high. The peaks of each wave have successively reached new heights, indicating growing enthusiasm among investors.
According to the pattern depicted on the chart, an ABC correction is unfolding after the strong upward trend, or impulse waves. Wave A represents the initial decline from the peak, while wave B signifies a partial recovery with a smaller uptrend. Lastly, wave C, which has yet to be finished, usually sees prices falling more than the level of wave A’s end, suggesting further potential price decreases.
As a researcher studying the price movements of a particular cryptocurrency, I’ve identified that we’re entering a corrective phase based on Dark Defender’s chart. This implies that wave C may cause the price to dip down to approximately $0.499 before the market recovers and continues its uptrend. The ABC wave, which is a common pattern in stock market analysis, typically takes only two days to form and could potentially reach this price level.
To enhance the Elliott Wave theory, Dark Defender utilizes Fibonacci retracement levels. These levels are calculated by drawing lines between the most recent low and high points on the chart. The significance of these lines lies in their ability to identify potential support and resistance areas. For instance, a 261.8% extension level at $0.5891 is marked as a tentative resistance point. Should the bullish trend persist, further extensions such as a 161.8% level at $0.8763 may emerge to indicate additional obstacles for the price to encounter.
As a crypto investor, I’m excited about Dark Defender’s bullish outlook for XRP. He believes that the short-term price target is much higher than current levels. In fact, he predicts that XRP could reach and even surpass the $1 mark again. This was just shy of being achieved following the summary judgment in the Ripple vs. SEC case back in mid-July last year. I’ll keep a close eye on this situation and let you know as soon as we hit the minor resistance at around $0.87 before pushing toward $1.03.
Additionally, the graph includes an Ichimoku Cloud, with the current price sitting above it. Historically, this is considered a bullish sign. Consequently, while there may be a predicted correction, the market situation appears to lean towards a positive trend in the near future.
At press time, XRP traded at $0.58.
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2024-07-18 19:35