XRP Maintains Path to $5.85, as Analyst Predicts 1,094% Upsurge to Ultimate Fib Target
Market analyst Dark Defender maintains XRP’s trajectory towards a $5.85 price target, predicting a 1,094% increase based on Elliott Wave theory and Fibonacci levels.
- Market analyst Dark Defender maintains XRP’s trajectory towards a $5.85 price target.
- The analysis is based on the Elliott Wave theory and Fibonacci levels.
- XRP follows a 3-wave pattern with targets set at $1.33, $1.88, and $5.85.
- The formation of triangles in XRP’s price movements suggests crucial interest levels.
XRP is steadfastly pursuing its ambitious goal of reaching $5.85, as market analyst Dark Defender reaffirms a potential 1,094% surge in the cryptocurrency’s value.
Dark Defender’s latest analysis serves as an update to his previous forecast for XRP, which is rooted in the Elliott Wave theory. Given recent market developments, Dark Defender deemed it necessary to revisit his earlier predictions.
Hi all. Let's look at the #XRP update on the weekly time frame.
XRP continued the horizontal move this week, staying between $0.52 and $0.46 Fibonacci levels.
Therefore, the primary resistance is maintained, and the up-trend continues.
Around 20+ Cents, we expected Wave 1… pic.twitter.com/hVUF4yu2qh
— Dark Defender (@DefendDark) October 15, 2023
XRP Great Surge
In his initial analysis, Dark Defender highlighted a doji candlestick pattern that appeared as XRP closed in September. He regarded this candlestick as a positive indicator and set price targets for XRP in alignment with Fibonacci levels.
The most recent update from the analyst reveals that XRP has closely followed these Fibonacci levels. Dark Defender noted that XRP has maintained a horizontal trajectory over the past week, trading within the $0.46 to $0.52 price range – the Fibonacci levels mentioned earlier.
This consistency in price movement indicates that XRP is preserving its primary initial resistance, suggesting the continuation of its uptrend. Dark Defender emphasizes the importance of a 3-Wave pattern he previously outlined. During Wave 1, he had predicted targets of $0.89 and $1.88, but XRP reached $0.91 in July.
Following Wave 1’s completion, Dark Defender forecasted a corrective Wave 2, anticipating retracement to $0.46 and $0.39. Remarkably, this prediction materialized, with XRP dropping to $0.4590 on September 11.
As of the current moment, XRP remains within this retracement phase, trading at $0.4896. Nevertheless, Dark Defender maintains a bullish outlook for XRP’s potential, especially when Wave 3 unfolds. The analyst continues to uphold his three targets for Wave 3: $1.33, $1.88, and the ultimate goal of $5.85.
Notably, Dark Defender’s latest chart reveals the formation of several triangles within XRP’s price movements. Triangle 1, the smaller one, initiated when XRP declined from its high of $1.96 in April 2021. Triangle 2, the larger formation, began with XRP’s drop from the all-time high of $3.31 in January 2018.
XRP has consistently traded within both triangles. Dark Defender identifies them as crucial interest levels in XRP’s journey. XRP previously broke above Triangle 1, surging to $0.91 in July, but the recent correction has led to a retest of this triangle.
Triangle 1 now stands as formidable support for XRP at the $0.46 price point. Dark Defender believes that a rally would take XRP to the boundary of the larger Triangle 2, leading to the first price target of $1.33 for Wave 3.
A breakthrough above Triangle 2 would propel XRP further, aiming for the last two targets Dark Defender has outlined: $1.88 and the ultimate $5.85 price target. Achieving $5.85 would necessitate a remarkable 1,094% increase from XRP’s current price of $0.4896.
Dark Defender’s comprehensive analysis and technical insights provide a compelling case for XRP’s potential growth. As the cryptocurrency market continues to evolve, XRP’s ability to reach and surpass its ambitious targets will undoubtedly be closely watched by investors and enthusiasts alike. While significant gains are possible, it’s essential to exercise caution and conduct thorough research when considering investment decisions in the crypto space.