In an update to a former prediction, prominent crypto analyst Dark Defender (@DefendDark) has shown that XRP is still on course to hit the $5.85 price target, considering recent market developments.
Dark Defender’s Update
Dark Defender’s initial analysis focused on a doji candle formed when XRP closed in September. He stated that this candle was a positive sign and would set the stage for XRP’s price targets, aligning with its Fibonacci levels.
The update reveals that the XRP price trend is still in line with his prediction. It’s worth noting that XRP has maintained a horizontal trading pattern over the past week, oscillating between the Fibonacci levels at $0.46 and $0.52.
Dark Defender stated, “XRP continued the horizontal move this week, staying between $0.52 and $0.46 Fibonacci levels. Therefore, the primary resistance is maintained, and the up-trend continues.”
Hi all. Let's look at the #XRP update on the weekly time frame.
XRP continued the horizontal move this week, staying between $0.52 and $0.46 Fibonacci levels.
Therefore, the primary resistance is maintained, and the up-trend continues.
Around 20+ Cents, we expected Wave 1… pic.twitter.com/hVUF4yu2qh
— Dark Defender (@DefendDark) October 15, 2023
XRP’s 3-Wave Pattern
Dark Defender drew attention back to XRP’s 3-Wave pattern, stating, “Around 20+ Cents, we expected Wave 1 towards $0.89 & $1.88, and we had it at $0.91 and finalized. We discussed the Wave 2 to be around $0.46 & $0.39 in July. And now, for Wave 3, it is expected that XRP will continue the Triangle 2 target at $1.33.”
In Wave 1, he predicted that XRP would reach $0.89 and $1.88. When Wave 1 concluded in July, XRP got to $0.91. The end of this wave coincided with Ripple’s victory and was followed by a corrective Wave 2, sending XRP down to $0.45 in September, as Dark Defender predicted.
The Triangle Formations
Dark Defender’s latest chart shows triangles forming in XRP’s price chart. The small Triangle 1 started as XRP dropped from its high of $1.96 in April 2021, while the large Triangle 2 started when XRP dropped from its all-time high in January 2018.
XRP broke through Triangle 1 with its rally in July but has returned to retest it due to the current unfavorable price trend. Dark Defender marks the base of Triangle 2 as the support level and the top as the final resistance level.
XRP is yet to break through Triangle 2. Although XRP is below $0.5, Dark Defender remains bullish on the digital asset as it approaches Wave 3.
The analyst maintains $1.33 as the target for Triangle 2 within Wave 3. The Fibonacci target for Wave 3 is $1.88, while the ultimate goal is $5.85. He opines that a breakthrough above Triangle 2 will propel XRP toward the remaining two targets.
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