As a seasoned researcher with over two decades of experience in the financial markets, I have to say that the analysis by Dark Defender on XRP‘s price action using the Elliot Wave Theory is quite intriguing. While I don’t always subscribe to such technical predictions, his chart structure and target prices do catch my attention.
Crypto analyst Dark Defender provided an in-depth analysis of XRP price action using the Elliot Wave Theory. In his analysis, the analyst revealed what to expect from the crypto token and where its price is eventually headed.
XRP Could Rise To As High As $18 On Its Next Leg Up
As a crypto investor, I’ve been closely following Dark Defender’s insights and his latest post on X (formerly Twitter) suggests an exciting development for XRP. According to the chart structure he shared, we are currently in wave three of its bullish trend. This wave is projected to push the price of XRP towards $1.88, $5.85, and a potential high of $18.22. Remarkably, the chart predicts that this price target could be reached as early as the beginning of next year when wave three is due to conclude. I find this bullish forecast intriguing, and I’m keeping a close eye on XRP’s progression in the market.
In simpler terms, after a minor dip (Wave 4), XRP might fall to around $9 from its current estimated price of $18.22. However, a strong upward trend (Wave 5) is expected, with Dark Defender forecasting that the price could reach as high as $36.76 eventually. But, this significant bull run may not occur until the year 2026 according to the chart analysis.
Meanwhile, Dark Defender also provided insights into what to expect from XRP’s price in the short term. He stated that market participants can “quickly expect” the crypto token to hit $1.03 once it achieves a successful breakout above $0.66. Crypto analyst RLinda also mentioned that a breakout above the $0.6 range would open a “new path” for XRP.
Dark Defender pointed out that XRP maintaining a value above 1.03 indicates a highly optimistic zone, exceeding the Ichimoku Clouds’ boundaries on the monthly chart. Moreover, the analyst emphasized a positive shift in the Moving Average Convergence/Divergence (MACD) indicator for XRP, suggesting a bullish trend on the monthly scale.
External Decisions Do Not Drive XRP’s Price
Dark Defender asserted a daring point, suggesting that the value of XRP isn’t influenced by external decisions but rather its unique pattern. He put forth this observation during his discussion on why the conclusion of the lawsuit between the US Securities and Exchange Commission (SEC) and Ripple had no significant effect on the token’s price.
Contrary to Dark Defender’s assertion, it is significant to note that the price of XRP surged more than 18% to reach $0.6 after Judge Analisa Torres’ decision in the SEC vs Ripple case. However, the price has since decreased, suggesting that this growth did not meet the hopes of many investors who had anticipated that the lawsuit’s resolution could propel XRP above $1. Previously, such an outcome was widely expected to serve as a strong catalyst for the altcoin.
Waiting could be necessary for XRP owners, as crypto experts such as CrediBULL Crypto believe that the resolution of the SEC vs. Ripple case may lead to XRP hitting a fresh record high (ATH) during this market surge.
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2024-08-10 19:16