XRP bulls, rejoice! A prominent analyst, Dark Defender (@DefendDark), has identified signs suggesting a potential surge for XRP. Here’s a breakdown of the analysis:
XRP Up 67.56%, Ready for More?
Dark Defender highlights a remarkable 67.56% price increase for XRP, rising from $0.3814 to $0.6378. This significant upswing has positioned XRP for further price action.
The analysis utilizes Elliott Wave Theory, a technical analysis framework. It suggests XRP completed a five-wave impulsive move, driving the price up. However, this is often followed by a corrective pattern (ABC).
The analyst confirms XRP has completed Wave A of the correction, dipping from $0.6378 to $0.55. Wave B, the next phase, is expected to push the price back towards $0.6044. This upward movement, currently underway with a 6.39% gain over 24 hours, is crucial.
A Dip Before the Big Jump?
Following Wave B, a decline is expected with Wave C. Dark Defender’s analysis suggests this could bring XRP down to $0.499. This final wave completes the ABC correction pattern, potentially taking about two days.
The analysis also identifies key resistance levels that could pose challenges: a minor hurdle at $0.87 and a major one at $1.03. These levels might indicate areas where selling pressure might rise or price advancement might stall without significant buying support.
Also Read: XRP & ADA Surge 56% & 33%: Altcoin Season Ignited As Prices Eye $1 (XRP Analysis)
The Big Payoff: A Potential Surge to $1
After completing the correction, Dark Defender’s chart suggests XRP could embark on a significant climb, potentially reaching $1 – a level unseen since 2021.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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