Analyst States XRP Minor Resistance to Precede Bullish Rally

In a recent tweet, prominent crypto analyst Dark Defender, shared a positive technical analysis for XRP, outlining a potential price increase based on the XRP/U.S. Dollar 4-hour timeframe chart.

Dark Defender’s analysis hinges on the Elliott Wave Theory, a technical analysis framework that postulates the market follows a specific wave structure in its price movements. In this instance, Dark Defender identifies a completed corrective wave (ABC) that precedes a potential bullish upswing.

The chart accompanying the tweet highlights a significant price rise for XRP, with a 67.56% increase from $0.3814 to $0.6378. Dark Defender suggests this price movement signifies the completion of the corrective wave structure (ABC) within the Elliott Wave Theory framework.

Potential for Short-Term Price Dip Followed by Upswing

While the overall sentiment leans bullish, Dark Defender acknowledges a possible short-term price dip before the upswing. The analyst predicts the corrective wave (ABC) could take up to two days to fully complete, with the price potentially reaching a low of $0.499.

Following this potential dip, Dark Defender anticipates XRP encountering minor resistance at $0.87 before a more substantial price increase towards $1.03.

Importance of Monitoring Market Conditions

It is crucial to note that Dark Defender’s analysis is based on technical indicators within a specific timeframe (4-hour chart) and should not be taken as absolute financial advice. The cryptocurrency market remains highly volatile, and unforeseen events or market shifts can significantly impact XRP’s price trajectory.

Ongoing Legal Battle as a Potential Factor

The future of XRP is uncertain. The outcome of the SEC lawsuit will likely have a significant impact on the price of XRP. If Ripple wins the lawsuit, XRP could rebound. However, if Ripple loses the lawsuit, XRP could be delisted from exchanges and its price could collapse.

In addition to the SEC lawsuit, the future of XRP will also depend on the adoption of Ripple’s payment settlement solutions by financial institutions. If Ripple is successful in getting more banks to use its technology, XRP could become a more widely used cryptocurrency.

Dark Defender’s technical analysis provides a promising short-term outlook for XRP, suggesting a potential price increase to $1.03. However, it is essential to remain cautious and acknowledge the inherent volatility of the cryptocurrency market. Closely monitoring market conditions and staying informed about the SEC lawsuit’s developments are crucial for making informed investment decisions.

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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