Prominent market analyst Dark Defender (@DefendDark) has offered intriguing insights into XRP’s future price trajectory, suggesting it could ultimately reach either $18 or $13, depending on its path after its Elliott Wave pattern.
Dark Defender’s recent analysis highlights the importance of the Elliott Wave pattern, and he expresses a strong belief in the predictive power of this pattern based on its history.
Dark Defender began his post by celebrating the community for standing together in support of Brad Garlinghouse and the recent dismissal of the case against Garlinghouse and Chris Larsen. He then called for the community to rally together and call for the reinstatement of Digital Asset Investor (@digitalassetbuy), who has been suspended from X for over two weeks.
We stood together for @bgarlinghouse, @chrislarsensf, and #Ripple, and finally, we had a massive success yesterday.
We must stand with @digitalassetbuy as we did for Ripple & ask @Support to #FreeDAI now.
Dear @X, be the name for freedom; please, Free DAI.
Let's have a look… pic.twitter.com/4fHx6OYIHe
— Dark Defender (@DefendDark) October 20, 2023
Dark Defender’s Analysis
Dark Defender drew attention to the lack of a direct correlation between XRP’s price movements and Ripple’s legal battles. He stated, “XRP price moves cents although #Ripple has the big wins, and it jumps when Ripple has the bad news (i.e. in 2020-2021). So, the Ripple news and XRP price do not correlate, but The Pattern.”
Despite Ripple securing three consecutive victories in the SEC lawsuit, XRP’s value remains in a state of flux. Dark Defender suggests that XRP’s price fluctuations seem to align more closely with the Elliott Wave pattern.
Dark Defender confirms that XRP is in Wave 2. He expects XRP to close above $0.5286. Closing above this upper threshold could push it to $0.66 in the subsequent week.
According to the analyst, XRP is currently in a position that indicates it’s entering the critical Wave 3. The Elliott Wave theory is an analytical tool that comprises five waves. Wave 3 is the most dominant wave, and XRP could be on the verge of substantial gains as it enters Wave 3.
Potential Price Targets for XRP
After hitting these targets, Dark Defender predicts a rise to $5.8563 in the short term. This price is the median target for Wave 3, and the price could extend as high as $18.22. However, if this extension does not occur, Dark Defender expects XRP to reach $13 by Wave 5.
However, Dark Defender concludes by cautioning that investors should not interpret these targets as financial advice. At the time of writing, XRP is trading at $0.5216, down 0.80% in the past 24 hours.
Meanwhile, another analyst recently predicted a higher target for XRP with Elliott Wave Theory, making Dark Defender’s prediction more substantial.
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