XRP has recently shown significant upward momentum, breaking past historical resistance levels and boosting market optimism.
According to a recent analysis by prominent crypto analyst Dark Defender (@DefendDark), the asset has achieved key milestones, signaling potential for further growth.
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Here is the weekly update on $XRP. People began to believe in XRP after our first target was eliminated at $1.88. Fibonacci's level stands at $5.85.
People started copying our targets, but never mind—we have known their precision for almost… pic.twitter.com/J52Aj5a51C
— Dark Defender (@DefendDark) December 2, 2024
Chart Analysis and Price Targets
The attached chart highlights a five-wave Elliott Wave structure, indicating that XRP is in the middle of a bull cycle. The analyst points out that the first major target at $1.88 has already been reached, with Fibonacci retracement and extension levels marking the next critical price points.
Specifically, the Fibonacci extension suggests $5.85 as the next milestone, while a more extended rally could drive XRP toward $18.22.
Dark Defender has predicted a rise to the $18.22 target multiple times. He highlighted key support levels at $1.88 and $2.13, providing strong price floors for XRP during potential corrections.
The Ichimoku cloud on the weekly chart further supports the bullish outlook, as XRP has decisively broken above the cloud—a signal of sustained upward momentum.
The Relative Strength Index (RSI), shown on the chart, reflects overbought conditions. While this typically hints at a potential pullback, the ongoing trend suggests that bullish sentiment may sustain further gains, provided market conditions remain favorable.
Recent Price Performance and Market Status
XRP recently reached a peak of $2.8487, marking a significant 22.9% increase in just 24 hours. This surge comes after surpassing its 2021 high of $1.96, a milestone many market analysts, including Peter Brandt, identified as a gateway to a substantial rally.
The current price action reinforces the narrative of XRP entering a new phase of growth, driven by technical breakouts and increased investor confidence.
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XRP is currently the third-largest cryptocurrency in the market, and many prominent figures have predicted that it can surpass Ethereum in this cycle, regaining its position as the second-largest cryptocurrency.
XRP’s recent performance and adherence to the outlined five-wave structure suggest that the cryptocurrency is well-positioned for further growth.
While near-term support levels at $1.88 and $2.13 provide a solid foundation, Fibonacci targets of $5.85 and $18.22 represent significant opportunities for XRP in the long run.
Ripple CEO Brad Garlinghouse recently reminisced on when XRP held the second position in the market. With the digital asset vastly outperforming Ethereum recently, it might achieve this goal.
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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