Recently, Dark Defender (@DefendDark), a prominent crypto analyst on X, provided a comprehensive analysis of XRP’s performance and potential future movements.
With a detailed chart, Dark Defender outlined the current state and future projections of XRP, emphasizing significant levels and targets that traders and investors should monitor closely.
Elliot Wave Structure and Key Levels
Dark Defender’s analysis began with a review of XRP’s Elliot Wave structure, which he set over a year ago. The peak of the first wave was $0.9327. This established a crucial benchmark. Initially, the target was set at $0.89 when XRP was trading at $0.28.
However, XRP surpassed this target, closing the first wave at $0.9327 after the pivotal ruling on its security status in July 2023. Following this peak, XRP entered a consolidation phase.
During this consolidation, the analyst identified the lowest level as $0.3917, which XRP nearly touched, and then hit $0.3814, another notable level. Dark Defender notes that he repeatedly highlighted this area as the lowest Fibonacci zone, marking it as a significant support level.
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Future Projections and Critical Resistance
Dark Defender also reiterated potential targets for XRP’s third wave, projecting prices of $1.88, $5.85, and $18.22. The digital asset is currently in Wave 3, and Dark Defender believes its peak could set a new all-time high.
He identified a particularly crucial level of $0.6649 on the digital asset’s path to these targets. He described this resistance as “the strongest of all.” According to Dark Defender, surpassing this level would likely result in significant upward movement for XRP.
Notably, the digital asset briefly reached $0.6647 in late September, but quickly lost this level, dropping to around $0.5 after the U.S. Securities and Exchange Commission (SEC) filed its notice of appeal.
Current Indicators and Market Position
Dark Defender noted that the weekly indicator is showing a red signal, but suggests that it could be a false alarm. He emphasizes the importance of support levels at $0.5286, $0.4850, and the lowest probability level of $0.3917 as potential areas for a double dip.
Interestingly, while the weekly signal is red, the monthly wave trend remains green, which Dark Defender interprets as a sign that the weekly signal may be misleading. This green monthly trend is a positive indicator that may trump the weekly red signal.
Dark Defender remains optimistic about XRP’s future despite the current mixed signals. At the time of press, the digital asset traded at $0.5269, following a 1.41% drop over the past 24 hours.
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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