Crypto market watchers are closely monitoring XRP as renowned analyst Dark Defender reveals an analysis suggesting a possible breakout for the digital asset in the coming weeks. Dark Defender, known for his expertise in market cycles and the Elliott Wave theory, has set a price target of $3 for XRP following the anticipated surge, indicating a substantial 538% increase from the current prices.
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Hi all. We analyzed weekly historical patterns of XRP & pointed out August.#XRP still identically follows the pattern. Additionally, the pattern aligns with the Elliott Waves. They both target $3+ in the short term now & indicate the wave will start in 5-6 weeks #XRPCommunity pic.twitter.com/sgbPGO4twv
— Dark Defender (@DefendDark) July 12, 2023
According to Dark Defender’s analysis, XRP has consistently followed a weekly pattern that aligns with the Elliott Wave theory, a well-known approach used by analysts to predict future price movements. This pattern consists of five upward waves and three downward waves, forming a wave-like structure within market cycles.
Analyst Predicts XRP To $3 Target
Dark Defender’s analysis indicates that both the Elliott Wave theory and XRP’s historical pattern point to a short-term price level of $3 or more. The analyst predicts that the anticipated wave will likely begin within the next five to six weeks, considering XRP recently broke through an elongated downtrend. This projection aligns with Dark Defender’s previous analysis, which also identified August as the potential breakout month based on historical patterns. The earlier analysis outlined a path towards $3.39 and highlighted the completion of a regular ABC corrective wave, with Wave C showing a downward slope since June 13. Dark Defender confirms that XRP has completed the regular Wave C but emphasizes the importance of XRP staying above the $0.46 level.
Dark Defender warns that if XRP fails to defend the $0.46 territory, Wave C could potentially expand further, leading to a potential drop in XRP’s price to $0.39 within the next few days.
Despite the short-term challenges, Dark Defender advises XRP holders to remain patient and optimistic, as he anticipates an explosive surge for the digital asset. The market watcher has consistently maintained a target of $3+ for XRP and initially forecasted this price target last month.
At the time of reporting, XRP is trading at $0.4705, having recently recovered from a drop to the $0.46 territory observed the previous day. However, over the last 24 hours, XRP has experienced a 1.28% decline.
Disclaimer: The information provided in this article is based on the analysis and predictions of Dark Defender, a renowned crypto market watcher. It is important to note that investing in cryptocurrencies carries risks, and market movements can be unpredictable. It is advisable to conduct thorough research and consult with a financial advisor before making any investment decisions.