Crypto analyst Dark Defender (@DefendDark) has shared an updated daily structure for XRP, highlighting key price levels and potential movements. According to his analysis, XRP is undergoing a daily correction and consolidation phase below the $3 level.
He identifies this level as a critical breakeven point that must be surpassed for further bullish momentum. The chart illustrates an Elliott Wave pattern, which suggests that XRP is in a five-wave cycle.
This short-term Elliott Wave pattern began in early January with XRP’s surge in the first few days of the month. Wave 1 was completed when XRP hit a multi-year high of $3.39 in mid-January, and the decline that followed this notable feat formed Wave 2.
The second wave appears to be concluding, setting the stage for a potential third wave that could drive the price toward $5.85, a target he has previously predicted. Dark Defender emphasizes that this target is “closer than ever before.”
Hi all. I hope you all are fine! As promised, here is the updated daily structure! #XRP continues the daily correction and consolidates under the $3 level, which will be the breakeven point for continuing with our targets. Wave 3 indicates $5.85 is at sight and closer than ever… pic.twitter.com/pMRkUeQgbR
— Dark Defender (@DefendDark) February 4, 2025
XRP Targets for the Next Wave
The analysis on the chart presents a structured price progression where XRP has been consolidating within a downward channel. A breakout above $3 is necessary to confirm the next bullish wave.
Wave 3 is projected to reach approximately $5.85, aligning with the 261.8% Fibonacci extension level. If this movement follows the expected pattern, the analyst anticipates a continuation to $8+ in the fifth wave.
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Bullish Expectations for XRP
Dark Defender’s bullish outlook aligns with his recent analysis of XRP. In previous predictions, he has reiterated that XRP could reach the short-term target of $5.85, he has also set a long-term target of $333.
While optimism surrounds XRP’s price potential, it is essential to approach these projections with caution. As noted in the analyst’s post, this is not financial advice, and investors should conduct their research before making trading decisions.
Investors are eager for an XRP surge, as the digital asset is trading at $2.42 following a 3.93% decline over the past 24 hours. Despite this decline, bulls are buying up tokens massively, and this could help reverse the bearish trend in the short term.
XRP’s market structure suggests an upcoming breakout, with $3 as the key level to watch. If it breaks above this level, the next targets of $5.85 and $8+ could become more attainable.
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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