Analyst Pinpoints Next XRP Price Target Once the Pullback Ends

A crypto market analyst has outlined XRP’s potential trajectory following its recent price correction. The token has experienced notable volatility but has demonstrated resilience amid broader market declines, driven by Bitcoin’s drop.

The digital asset initially experienced a price correction but has recovered, reflecting a 37% gain over the last seven days. This stability highlights its relative strength compared to other cryptocurrencies during the current correction phase.

XRP Holds Steady Despite Market Sell-Off

Dark Defender, a prominent market analyst, recently addressed XRP’s next likely moves, emphasizing that the initial correction is a natural response to the token’s recent surge. XRP has risen 200% in recent weeks, so the pullback was not unexpected.

Another contributing factor to the initial decline is profit-taking by South Korean investors. Data from CryptoQuant indicates that approximately 6.6 billion XRP tokens were held on Upbit, South Korea’s largest exchange.

During the recent price rally, investors sold around 400 million XRP, valued at approximately $400 million, exerting short-term selling pressure and causing the token to dip below the crucial $1.44 level.

Analyst Predicts Support and Resistance Levels

According to Dark Defender’s analysis, based on the Elliott Wave theory, the asset is currently in Wave C of a corrective phase. He identified $1.2893 as a critical support level. He said a fall below this point could send XRP to $1.03. However, the token has stayed above the $1 level since November 16 and has recovered from the price correction.

The analyst remains optimistic about XRP’s long-term potential. He forecasts that once the correction phase ends, the token could rise to $1.88 as its next significant target. If it surpasses this level, the asset may challenge its 2021 high of $1.96, a key resistance level. A break above $1.96 could open the door for further upward momentum.

Veteran trader Peter Brandt has also highlighted the significance of the $1.96 resistance zone. He believes breaking through this level could trigger a substantial price rally, similar to the surges seen during previous bull markets.

Previously, Dark Defender emphasized the importance of the $1.44 Fibonacci level, where the token had consolidated for several days. He suggested that XRP needs to close above this level for at least two consecutive days to confirm a sustained bullish trend.

XRP initially reclaimed the $1.44 level after the announcement of SEC Chair Gary Gensler’s resignation but fell below it, before recovering again. As of now, It is trading at approximately $1.49. The asset has surpassed the $1.44 level and is establishing strong support before targeting higher price levels like $1.88 and $2.17.

In summary, the digital asset’s future movements depend on its ability to hold key support levels and overcome critical resistance points.

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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