Renowned crypto analyst and XRP enthusiast Dark Defender recently took to X to predict XRP’s inherent potential to skyrocket soon.
According to Dark Defender, XRP preliminary support and resistance levels intersected on the coin’s price chart, ushering the token into a new phase characterized by positive market movements.
Furthermore, Dark Defender noted that XRP took a challenging route, trading below the blue support line at $0.59 during the week. He added that despite the tasking nature of the low volume and sideways, none is expected in the coming weeks.
Read Also: Depending On XRP Elliott Wave Path, Analyst Predicts 3,361% or 2,400% Surge to $18 or $13
The crypto analyst spotlighted support levels at $0.4975 and $0.4623, with resistance marks at $0.5330 and $0.6044. He noted that these highlighted levels would be crucial in defining XRP’s price actions in a new phase, Wave 3.
XRP Completes Wave 1 And 2, Wave 3 Holds Great Prospect
Dark Defender represented XRP’s price movements in waves, beginning from January 2023. According to the analyst first wave (Wave 1) started on January 1, 2023, with XRP at $0.3000 and ended in July 2023 with XRP at $0.9327.
Wave 2 began in August 2023 when XRP touched $0.8534. The cycle persisted for almost a year before concluding in April 2024 following XRP’s price decline around the $0.4294 price region.
We are anticipating the onset of the third wave that holds massive prospects. The crypto market analyst stated that the third cycle will orchestrate a bullish run, with potential stops at $1.88, $5.85, and $18.22 price marks.
Notably, Dark Defender described the cycles above as supercycle targets and not the grand cycle, which he stated would soar higher than expected.
Implications Of Remaining Above Or Below The Blue Line This Week
Per Dark Defender, an end to wave 2 boasts chances of extending beyond $0.42 and possibly touching $0.39. However, based on what was obtainable from XRP’s price movements, it has only touched $0.42.
Speaking on the possibilities of revisiting $0.42 or even $0.39 before entering the third wave, Dark Defender highlighted some conditions that might delay the onset of the third cycle. The crypto expert stated, “The answer depends on how we close above $0.4975 first and above the blue level this week. If we are below, expect a double tap at the $0.46 level.”
Read Also: XRP to $5.8? Based On Analysis of Corrections from $1.966, Analyst Predicts 1,105% Surge
Concluding his analysis, Dark Defender referred to the past when XRP was changing hands between $0.2 and $0.3, noting that nobody expected $1.96 to happen at that time despite proving that it could happen via one of his numerous analyses.
Hi all, I hope you are all fine. $XRP was silent, as was I. Within our previous weekly structure, it won't be quiet this week since the preliminary support and resistance intersect.
XRP stayed below the blue support this week, which is challenging. Although the low volume and… pic.twitter.com/k9UEqEgMWK
— Dark Defender (@DefendDark) May 12, 2024
At the time of writing, XRP is trading at $0.503, with a relatively 1% price downtrend in the past 24 hours, according to CoinMarketCap.
The digital asset’s price implies that XRP trades around the preliminary support level and below the blue line, corroborating Dark Defender’s claims. It is left to see how events unfold in the coming weeks.
Follow us on Twitter, Facebook, Telegram, and Google News
