Ripple Labs’ digital currency, XRP, has once again caught the attention of investors after experiencing a significant price drop followed by a recovery. Interestingly, a well-known crypto analyst called Dark Defender has made an optimistic prediction amidst this upward movement. The analyst believes that XRP could reach a price target of $1.88, and this forecast has quickly gained attention in the cryptocurrency market.
Dark Defender recently conducted a detailed analysis of XRP on a weekly timeframe, using the Elliott Wave theory. According to this theory, the altcoin is moving towards a target of $1.88. The analysis also emphasizes the importance of Fibonacci levels, revealing that XRP has managed to stay above the critical 38.20% level, which corresponds to $0.4623. Although there is a possibility of a correction phase that could bring the price down to the last Fibonacci level at $0.3917, the current price movement of XRP has sparked a bullish sentiment among investors.
Dark Defender has also identified a potential triangle formation around $0.5286, which he considers a significant support area for XRP. If the altcoin stays above this support level, it could trigger a breakout towards $1 in the weekly timeframe, as indicated by the bottom of the Ichimoku Clouds. Furthermore, the analyst’s analysis suggests that surpassing $1 could lead to expanded Wave 3 targets, potentially aiming for $5.85 and $18.22, based on the Elliott Wave theory.
It is worth mentioning that Dark Defender had previously predicted that XRP would reach $1 in April, but this forecast did not come true. However, the analyst still believes that the $1 target for XRP is still possible.
Currently, XRP is trading at $0.5243, experiencing a 2.34% increase in the last 24 hours. However, there has been a 1.13% decrease in XRP’s open interest and a 40.68% drop in derivative volume, according to Coinglass. These trends align with the recent highly volatile price movements of XRP, which have caused confusion among traders and investors in the cryptocurrency market. Additionally, the increased whale activity surrounding XRP has added to the uncertainty surrounding its future price movements.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and it is important to conduct thorough research before making any investment decisions.
