Wednesday, June 19, 2024
HomeCryptocurrencyAnalyst Sets $1.88 and $5.85 XRP Price Targets in Anticipation of End...

Analyst Sets $1.88 and $5.85 XRP Price Targets in Anticipation of End to Correction

With the market in the current correction phase, XRP is trading at $0.4824. According to Dark Defender (@DefendDark) on X, XRP is trading close to a critical support level of $0.46.

In his post, he highlighted that he called the final support levels on September 2. These were $0.46 and $0.39. According to his analysis, if XRP goes down, the final support level will be $0.39. After that, he expects a surge that could take XRP to $1.88 and $5.85.

Read Also: Google Bard Predicts When XRP Price Will Hit $5, $20, and $50

Dark Defender backs this up with a chart showing his prediction played out in three waves.

Wave 1

From the chart, he shows that XRP hit $0.9327 and paused at the end of Wave 1. He initially predicted that it would reach $1.33. However, $0.9327 was a resistance point that XRP couldn’t break through. This price surge came after the Ripple-SEC lawsuit summary judgment in July.

Wave 2

After the first wave, XRP entered into a correction phase. It has been falling since its peak of $0.9327. On September 2, Dark Defender pointed out in a post that XRP had tried to stay above $0.52 but failed.

He also listed those support levels and stated that wave 3 would send XRP to $1.88. However, he said If XRP drops below $0.46, $0.39 will be the final support level and will mark the end of wave 2.

Read Also: State-of-the-Art Machine Learning Algorithm Sets XRP Price for September 30, 2023

Wave 3

Wave 3 is expected to bring the rally that the XRP community has been waiting for. Dark Defender has ambitious price targets. However, if his analysis comes true, XRP might exceed his targets of $1.88 and $5.85.

Additional Insights

Prominent crypto analyst Nebraskangooner provided more insight, emphasizing caution around $0.50 as a critical level. He said, venturing below this level is risky. He compared it to catching a falling knife, where timing the exact bottom is challenging.

<

Nebraskangooner advises against buying XRP below $0.50 without a confirmed breakout, as it carries a high risk. Waiting for an upward movement minimizes potential losses.

XRP is at crucial support levels, with the potential for significant gains if the correction ends as anticipated. However, traders have to be cautious because the market can be unpredictable.


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
RELATED ARTICLES

Latest News & Articles