XRP, the cryptocurrency associated with the Ripple network, has demonstrated remarkable resilience in the face of a recent market downturn. Despite a brief correction, the token has rebounded, signaling potential for further upward momentum.
Market Analyst’s Perspective
Prominent market analyst Dark Defender has provided insights into XRP’s potential trajectory. The recent price correction, according to the analyst, is a natural response to the token’s significant surge in recent weeks. The selling pressure from South Korean investors, who cashed out approximately $400 million worth of XRP, also contributed to the initial dip.
People are asking why XRP is plunging. In the past couple of weeks, XRP has increased more than 200%. And it is expected to have a correction. $XRP in the 4-hour chart has the A and B Waves where we are in the C.
— Dark Defender (@DefendDark) November 26, 2024
C Wave critical level is at $1.2893, where the regular Wave 2… pic.twitter.com/lotDeto3Bq
However, Dark Defender remains optimistic about XRP’s long-term prospects. Based on Elliott Wave theory, the analyst believes the current correction phase is nearing its end. A break above the critical support level of $1.2893 could propel XRP towards its next significant target of $1.88. If the token manages to surpass this level, it may challenge its 2021 high of $1.96.
Veteran Trader’s Take
Renowned trader Peter Brandt has also weighed in on XRP’s price action. He highlighted the importance of the $1.96 resistance level, suggesting that a successful break above this level could trigger a substantial price rally, reminiscent of previous bull market cycles.
Key Takeaways
- XRP has shown resilience during the recent market correction.
- The initial price drop was attributed to profit-taking by South Korean investors.
- Dark Defender predicts a potential uptrend towards $1.88 and $1.96.
- Peter Brandt emphasizes the significance of the $1.96 resistance level.
Also Read: XRP Shines Amid Crypto Slump: Up 166% This Month as Key $1.30 Support and $1.60 Resistance Levels Shape Future Trends
As XRP continues to navigate the volatile cryptocurrency market, investors are closely monitoring its price action and analyst forecasts. The token’s ability to maintain its upward momentum will depend on various factors, including broader market sentiment, regulatory developments, and technological advancements within the Ripple ecosystem.
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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