In a recent post on X, prominent crypto analyst Dark Defender (@DefendDarm) provided an analysis of XRP suggesting that the digital asset may be approaching a significant upward movement. The attached chart highlights key technical levels and patterns that Dark Defender believes support this thesis.
The chart provided by Dark Defender is a weekly candlestick chart of XRP/USD. One of the key patterns observed in this chart is the completion of a descending channel, a common technical pattern that often signals the end of a downtrend and the potential start of a new bullish phase.
This channel, marked in orange, shows the upper and lower bounds representing the resistance and support levels. The descending channel completion is a critical point in this analysis, as it suggests that the downward pressure on XRP has potentially been exhausted.
Additionally, Dark Defender’s analysis points to a specific zone labeled as the “Explosive Run Zone.” This area is where Dark Defender anticipates significant price acceleration for XRP. The chart also includes key Fibonacci retracement levels. The completion of the descending channel and the move toward these critical Fibonacci levels adds weight to the argument that XRP may be poised for a strong bullish move.
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Potential Price Targets
Based on the chart, XRP’s rally could top out at $1.88. XRP is currently below the Fibonacci retracement level at $0.6649, almost breaching this level after the recent conclusion of the legal battle with the U.S. Securities and Exchange Commission (SEC).
Interestingly, Dark Defender’s chart shows that XRP’s rise coincides with wave three in an Elliott Wave pattern. Wave 3 is the most powerful in this five-wave pattern and it could potentially send XRP far above the $1.88 level.
In addition to these Fibonacci levels, the chart indicates a critical support area near the 23.60% Fibonacci retracement level, around $0.3917. This support level prevented further declines after a recent dip and pushed XRP up and out of the descending channel. This level could serve as a fallback area in case of a retracement or correction before XRP attempts another upward move.
XRP’s Next Steps
With the infamous XRP lawsuit over, XRP is finally free, and we might see significant adoption in the coming months. This could help support the explosive run predicted by Dark Defender. Other analysts have also weighed in on XRP’s future, with one notable analyst predicting a 5,300% increase soon.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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