Renowned crypto analyst Dark Defender (@DefendDark) recently shared insights on the XRP’s performance, providing a detailed technical analysis of the asset’s potential trajectory for the community. His observations highlight key price levels and potential movements for XRP following its attempt to breach the $2.50 resistance.
According to Dark Defender, XRP has completed his previously predicted ABC wave pattern and recently tested the $2.50 resistance level. This test marked a significant move in the asset’s price action, with current dynamics suggesting the possibility of either a continuation into Wave E or the beginning of Wave 2. As of now, the resistance level has adjusted to $2.48, reflecting the recent market activity.
Hey there. It is so silent here; let's break it.$XRP had the ABC Wave and tried $2.50 resistance yesterday, which we set precisely on.
We can call the current move Wave E or Wave 2, as seen below.
The resistance reduced to $2.48 now.
Initial targets: $2.72, $2.90, $4.55, and… pic.twitter.com/VRsy6MJbQ9
— Dark Defender (@DefendDark) January 5, 2025
Levels to Look Out For
Dark Defender identified the following support and resistance levels:
Supports: $2.37, $2.29, and $2.23
Initial Resistance: $2.48
Targets: $2.72, $2.90, $4.55, and $5.85
These levels are critical for traders to monitor, as confirmation above $2.50 is expected to signal a continuation of the uptrend. Notably, Dark Defender recently predicted a move to $5.85 for XRP, and this prediction has reinforced that expectation.
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Details of Projected XRP Price Levels
The attached technical chart shows that the analyst derived the potential targets from Fibonacci extension levels. The next immediate targets are $2.72 and $2.90, representing incremental gains. Should XRP surpass these levels, it could aim for $4.55 which is at the Fib 361.8% level, and eventually $5.85 at the Fib 261.8% level.
The chart also shows that XRP is in Wave 3 of a 5-wave Elliott Wave structure. Wave 3 typically brings the biggest price pump, and this wave could send the digital asset to the $4.55 target. If the structure holds, XRP will experience a minor decline, before the final push to $5.85.
If the asset cannot maintain its momentum, all hope is not lost, as the support levels are above the $2 level, and could pave the way to an even bigger rebound. However, a breakdown below these levels could indicate a pause in bullish sentiment.
Experts are already sharing lofty targets for XRP, suggesting that the only direction is up. One analyst recently predicted that the digital asset’s worst-case scenario is a surge to $7, and others have shared even higher targets. XRP is currently trading at $2.42, getting close to breaking the resistance at $2.48.
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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