Analyst Predicts XRP Major Breakout If Price Can Hit This Level

Prominent crypto analyst Dark Defender (@DefendDark) has shared an updated price analysis of XRP, forecasting a significant bullish breakout.

According to his recent analysis shared on X, XRP has completed its correction phase in the 4-hour time frame and is now primed for an upward movement.

Technical Analysis and Immediate Targets

Dark Defender’s analysis indicates that XRP has completed a correction phase on the four-hour time frame and is now set to move towards an initial target of $2.42. He emphasizes that the real momentum will commence once XRP ascends above the Ichimoku clouds, a technical indicator used to identify support and resistance levels, and momentum.

He identifies key support levels, $2.22 and $2.04, crucial for maintaining the bullish structure. The projected price targets of $4.2932 (Fib. 261.8%) and $5.8563 (Fib. 361.8%) suggest a potential rally if XRP sustains its upward trajectory.

Mid-Term Projections

Building on his immediate targets, Dark Defender recently set a mid-term price projection of $77.7. This ambitious target is grounded in Elliott Wave Theory, which posits that market prices move in predictable wave patterns due to investor psychology. According to his analysis, XRP is currently in its third wave, the historically most robust phase in a five-wave pattern.

He identifies resistance levels at $5.85, like his most recent analysis, and expects a further climb to $8.03 and $18.22, which could serve as milestones on the path to the mid-term target. He suggests that once the third wave reaches its peak around $18.22, a correction will follow before a final push toward the mid-term target of $77.7.

Long-Term Outlook

In addition to his mid-term projection, Dark Defender has raised his long-term price target to $333. According to the analyst, this projection is based on historical market patterns and Fibonacci levels, which align closely with this target.

XRP is currently trading at $2.21, and many market participants see triple-digit targets as infeasible. Addressing concerns about the market cap required for these targets, Dark Defender argued that the metric is often misunderstood in the cryptocurrency market.

He suggests that market cap does not directly represent the amount of capital flowing into an asset but is an indicative metric. Another crypto expert recently debunked the market cap myth further, proving that it does not limit XRP’s growth, and reaffirming the $333 target.

Dark Defender’s projections are optimistic. It reflects the bullish stance shared by many experts. This shows the market may see a big move 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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