Renowned crypto analyst Dark Defender (@DefendDark) has recently shared valuable insights into the future price movements of XRP, providing a detailed technical analysis for the crypto community. His observations center on XRP’s attempt to breach the $2.50 resistance level, a crucial milestone for the asset’s trajectory.
Hey there. It is so silent here; let's break it.$XRP had the ABC Wave and tried $2.50 resistance yesterday, which we set precisely on.
— Dark Defender (@DefendDark) January 5, 2025
We can call the current move Wave E or Wave 2, as seen below.
The resistance reduced to $2.48 now.
Initial targets: $2.72, $2.90, $4.55, and… pic.twitter.com/VRsy6MJbQ9
Dark Defender noted that XRP has successfully completed the ABC wave pattern he predicted earlier, with the asset recently testing the $2.50 resistance. The current market dynamics suggest two potential outcomes: either a continuation into Wave E or the beginning of Wave 2. Notably, the adjusted resistance level now sits at $2.48, following recent price action. Traders should pay close attention to this level, as a confirmed breakout above $2.50 could signal a continued uptrend.
Key Support and Resistance Levels for XRP
Dark Defender identified several critical levels that traders should watch closely. The key support levels include $2.37, $2.29, and $2.23, providing potential cushion in case of a pullback. The initial resistance stands at $2.48, with the immediate targets being $2.72 and $2.90. Should XRP surpass these levels, the analyst projects further gains, with $4.55 and $5.85 representing the upper targets.
These price targets are derived from Fibonacci extension levels, which have been reliable in predicting price movements. XRP is currently in Wave 3 of a 5-wave Elliott Wave structure, a phase known for delivering substantial price surges. If Wave 3 continues as expected, XRP could reach the $4.55 target before experiencing a minor pullback. The final leg of the rally could push XRP to $5.85.
The Road Ahead for XRP
Despite the bullish outlook, Dark Defender cautioned that if XRP fails to maintain momentum, support levels above $2 could provide a foundation for a rebound. However, a drop below these levels could signal a potential pause in bullish sentiment.
Also Read: Cardano (ADA) Eyes $1.1150 Breakout as Price Consolidates Above $1.00: What’s Next for ADA Bulls?
With XRP currently trading at $2.42 and nearing the $2.48 resistance, the asset is on the cusp of potentially significant gains. Experts are increasingly optimistic, with some predicting a worst-case scenario of a surge to $7. All signs point toward a promising future for XRP as it eyes its next price breakout.
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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