Renowned analyst Dark Defender has unveiled a compelling XRP price analysis, projecting a significant surge in the cryptocurrency’s value. Despite the recent correction, Dark Defender envisions XRP rallying to an impressive price target of $1.87.
Hi all, during May, we targeted first $0.89 and then $1.73. Both were Elliott Wave targets. However, #XRP finalised the first wave at $0.93, which is technically normal. So he finished the move earlier and get rejected touching $0.44 with significantly less volume of trade.
We… pic.twitter.com/WdQIBOYUxi
— Dark Defender (@DefendDark) August 18, 2023
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Dark Defender’s recent insights build upon an earlier analysis that he presented for XRP. In May, the astute analyst identified a pattern that captured the attention of XRP traders.
Utilizing historical patterns and XRP’s price dynamics, Dark Defender predicted a rally to $0.89, followed by an eventual surge to an impressive price of $1.73. During that time, XRP was oscillating between the price range of $0.44 and $0.50.
In a recent statement, Dark Defender shed light on the path that XRP has embarked upon. The digital asset experienced a remarkable uptick following a court ruling, propelling its value to $0.9380 on July 13. However, despite these gains, XRP encountered a corrective phase, manifesting in a series of declines. Presently, XRP is trading at $0.52, indicative of the ongoing market turbulence.
Dark Defender’s unwavering confidence in XRP’s potential remains steadfast, despite the obstacles faced. The analyst’s projections rely on the Elliott Wave theory, a renowned framework that assesses market trends by identifying repetitive patterns in investor sentiment.
According to Dark Defender, XRP’s journey has merely entered its early stages, with the completion of the first wave at $0.93 being viewed as a technical norm. Following the rally to this initial milestone, he initially expected further ascents, with the third wave projected to surpass $0.93 and reach an impressive target range of $1.67 to $1.73 by August. Undeterred by the correction, Dark Defender firmly believes this surge is still plausible.
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Nevertheless, recent market realities necessitated a reassessment of XRP’s market structure, leading to the identification of new support levels. Notably, XRP’s wave trend indicates a move into oversold territory, potentially triggering a bullish reversal.
As a result, Dark Defender has now revised the price target for the third wave from $1.73 to a more ambitious $1.87. In order for XRP to claim this new price target, it would need to appreciate by an impressive 269% from its current trading value. Dark Defender remains confident in the potential for history to repeat itself, propelling XRP to new heights.
Note: If you are considering investing in XRP, it is important to do your own research and make your own decision. You should carefully consider the risks involved in investing in XRP, and you should only invest money that you can afford to lose.
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