XRP Price Could Face Last Major Crash, Warns Crypto Analyst

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After years of analyzing and trading digital currencies, I have to say that Dark Defender’s latest analysis on XRP‘s weekly chart has piqued my interest. As someone who has seen multiple market cycles come and go, I can appreciate the nuanced understanding that Elliott Wave theory brings to the table.

In a fresh assessment of the XRP’s weekly value against the US Dollar (XRP/USD), cryptocurrency expert Dark Defender issues a cautionary note about an impending significant drop. This evaluation is based on the Elliott Wave principle and delves into the past and future trends for XRP, highlighting crucial price points and wave structures.

Final Crash Ahead For XRP Price?

Based on the analysis by Dark Defender, Ripple (XRP) reached its Wave 1 peak of $0.9327 in mid-July last year, which was well beyond the initial predictions made when the price was around $0.28. As Dark Defender stated, “We had anticipated a target of $0.89 and above at $0.28, but XRP actually closed Wave 1 at $0.9327. So, we didn’t quite hit our mark, right? We set the goals and then observe to see what happens. So, after the initial goal, Ripple began consolidating.

The chart analysis indicates that following its peak, the price stabilized strongly at approximately $0.3917 – a level we had previously identified as our lowest point. Interestingly, the price almost exactly touched $0.3814, reinforcing the accuracy of our predicted support levels based on the Elliott Wave theory. As our analyst put it, “We had anticipated our minimum to be around $0.3917, which is what we experienced. Later, XRP came very close to $0.3814, a Fibonacci zone that we frequently highlighted as significant.

Shifting focus to recent developments, Dark Defender has given special attention to the price point at $0.6649, labeling it as an “exceptional level” and “the most robust of all.” The analyst predicts, “Once XRP surpasses $0.66, be it a day, a week, or a month, we can expect substantial price increases.

Although the most recent Wave indicator is displaying a red signal, it’s a warning sign that may indicate potential price drops. Dark Defender advises investors to consider the support levels at $0.5286, $0.4850, and even the less likely $0.3917 as potential double dips.

Even though there’s a possibility for a dip, it’s quite unlikely as per Dark Defender. Excitedly, one might ask, “Could XRP reach this level again? Oh yes, but the odds are slim.” Despite the temporary bearish trend, the monthly wave pattern remains positive, often overriding the weekly signals, implying that the current red signal could be premature.

As I examine the market trends, although the weekly indicators are currently showing red signals, the overarching monthly wave trend remains green. This observation leads me to suspect that the weekly signal might be misleading at this point, hinting towards a possible continuation of the bullish momentum in the long term.

Notably, the wave indicator showed inaccurate readings on the weekly chart during the initial wave, supporting Dark Defender’s long-term perspective. He continues to assert that potential targets for XRP’s Wave 3 might reach $0.88, $5.85, and $18.22 sequentially.

However, before the price can rally this high, there is one last major resistance. “As long as $0.48 and most importantly $0.3917 is maintained, XRP targets are clear, especially after $0.6649. Please do not underestimate and think what the hell is $0.66? It is the red thin line.We know, and see what is going on in the background. Less people remain on the ship, we see. But I trust myself, Ripple, and XRP. Exciting times are ahead of us,” he states.

At press time, XRP traded at $0.5302.

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2024-10-23 17:10