In the dynamic world of cryptocurrency, XRP has once again come under the spotlight with an intriguing analysis by renowned analyst Dark Defender (@DefendDark). Dark Defender’s insights suggest a bullish trajectory for XRP, potentially leading the cryptocurrency to reach $5.8. This analysis is based on a thorough examination of XRP’s recent price movements and market dynamics.
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Dark Defender’s Analysis
Dark Defender’s analysis commences with a focus on XRP’s correction from its peak price of $1.966, which it achieved in April 2021. Following this remarkable rally, XRP experienced a substantial decline, erasing the gains from that rally. This decline led to a correction phase that endured for a lengthy 20 months. The correction phase ultimately concluded with Wave E, noted on the chart when XRP reached a low of $0.2875 in January.
Hi all.
Please grab your coffee & come closer.#XRP finalised the correction after $1.966, & had the Wave 1 @ $0.91.
We had completed Wave 2 with a slight risk to the wick final point of $0.39.
The Price above the Weekly Ichimoku Clouds is getting closer; we will experience… pic.twitter.com/9RAQ17j3hB
— Dark Defender (@DefendDark) October 8, 2023
From this point, Dark Defender’s chart reveals a new 5-wave structure that differs from the prior correction. This new structure indicates a bullish trend with substantial price potential. The first wave of this structure saw XRP surge to $0.91 in July, propelled by a favourable court ruling that removed the securities stigma from XRP. However, XRP subsequently retraced its gains, experiencing eight weekly losses out of nine weeks from July 17 to September 11.
This retracement forms Wave 2, with a significant low at $0.45. Dark Defender mentions, “We had completed Wave 2 with a slight risk to the final wick point of $0.39,” highlighting the possibility that XRP could have dipped to $0.39. With Wave 2’s completion, Dark Defender anticipates a bullish trajectory for XRP in Wave 3. He underscores that XRP’s price is on the verge of closing above the Weekly “Ichimoku Cloud,” a range extending from $0.52 to $0.56. A weekly close above this level is expected to trigger a bullish rally.
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Dark Defender also establishes two Fibonacci targets for the impending Wave 3. The initial target is $1.8815, regarded as a significant resistance zone. Beyond this point, the analyst envisions a surge to a new all-time high of $5.8563.
Mixed Reactions
As with any bullish prediction in the cryptocurrency space, there have been mixed reactions. Some users criticized Dark Defender’s track record, claiming he has never made an accurate prediction. Nevertheless, another user came to Dark Defender’s defence, pointing out that the analysis is not financial advice and suggesting that those uninterested can simply scroll past the content.
Current XRP Status
As of the latest market data, XRP is trading at $0.4857, showing a 3% decrease in the past 24 hours, according to CoinMarketCap. The cryptocurrency has retraced to price levels seen before a recent minor surge. Should the predicted surge to $5.8563 materialize, it would represent a remarkable 1,105.7% increase.
Conclusion
Dark Defender’s analysis has captured the attention of the cryptocurrency community by suggesting a potential bullish trajectory for XRP. While market analysts and enthusiasts continue to debate the accuracy of such predictions, it underscores the ever-present volatility and speculation in the world of cryptocurrencies. Time will tell whether XRP can achieve the projected $5.8 price target.