A recent analysis by Dark Defender (@DefendDark), a prominent cryptocurrency analyst on X, shows that XRP is on the cusp of a significant upswing. Dark Defender noted that XRP has demonstrated a price increase of 67.56%, rising from $0.3814 to $0.6378. This substantial upward movement has set the stage for further price action.
The provided chart outlines the recent price behavior of XRP in a 4-hour time frame. The analysis employs Elliott Wave Theory, identifying a complete five-wave impulsive move from the low of $0.3814 to the recent high of $0.6378.
Following this impulsive wave, an ABC corrective pattern is anticipated. According to Elliott Wave principles, the market typically undergoes a three-wave correction labeled A, B, and C after an impulsive five-wave movement.
XRP on the Move
In an update, the analyst confirmed that XRP has completed Wave A. This wave took the price down from the high of $0.6378 to around $0.55, marking the initial phase of the correction. Based on the analysis, the next phase is Wave B, which is expected to take the price back up towards the $0.6044 level.
XRP has climbed 6.39% over the past 24 hours to its current price of $0.5915. This upward move is crucial as it signifies a retracement of the initial drop, and once XRP reaches $0.6044, the analyst believes Wave C can begin.
Another Massive Price Decline
Following the completion of Wave B, Wave C is expected to follow, typically resulting in a decline. Dark Defender’s chart shows that Wave C could potentially send XRP down to the $0.499 level. This C wave represents the final phase of the corrective pattern, completing the ABC structure.
One prominent analyst recently noted that XRP often moves fast, and Dark Defender suggested in his initial post that this ABC corrective process may take approximately two days to complete.
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In addition to the short-term corrective pattern, the analysis highlights important resistance levels that XRP may encounter. There’s a minor resistance level at $0.87, followed by a more significant resistance at $1.03.
These levels are critical as they could provide insight into potential selling pressure points where traders might take profits or where the price might struggle to advance further without substantial buying support.
Following Wave C, the analyst believes XRP could climb significantly. The chart shows that XRP could reach $1, a level it has not reached since 2021.
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