Top Analyst Dismisses XRP FUD, Reaffirms $5.85 Price Target

Dark Defender (@DefendDark), a well-known market analyst, has firmly dismissed the fear, uncertainty, and doubt (FUD) that has been spreading regarding the price fluctuations of XRP. He has maintained his steady price prediction of $5.85 for the cryptocurrency.

In a recent post shared on X, the analyst reaffirmed his commitment to his earlier assessments. He highlighted how the cryptocurrency is following the suggested paths and developing as expected every week.

The analyst provides an in-depth analysis of XRP using the 5-wave Elliott Wave structure. The analysis is based on the coin’s weekly price movements.

Dark Defender began his projections in June and accurately predicted XRP’s rally from $0.52 to $0.94.

This projection aligned with Wave 1, which reached the $0.89 level and was eventually realized when XRP surged to a high of $0.93 on July 13.

After the completion of Wave 1, he forecasted a correction phase with Wave 2. His September 13th analysis indicated that XRP would find support at $0.46 during this retracement, a prediction that materialized as XRP finalized the Wave 2 correction.

Currently, on the Wave 3 path, he has set ambitious targets for XRP at $1.88 and $5.85, writing, “The upcoming target still is $1.88 & $5.85 based on Elliott Waves we set months back.”

Despite waning investor optimism due to XRP’s recent underperformance, the analyst addressed doubts within the community, labeling them as FUD.

His comprehensive analysis serves as a reminder of his accurate predictions for XRP’s previous price movements and reinforces his belief that the asset is still on track. ChatGPT’s recent XRP prediction targeting $4.5 in 2024, falls close to Dark Defender’s target, adding credence to his analysis.

Key Trends and Obstacles

Examining the chart, the analyst noted an orange descending trendline that has hindered XRP’s growth since June. He believed that XRP’s price trend would significantly improve if it could break the trendline and surpass the critical resistance level of $0.6649.

With a current price of $0.6178, XRP has dropped 0.19% over the past day. The asset has fallen to the sixth rank among the most prominent crypto assets as Solana (SOL) recently flipped the embattled digital asset with a 9.39% price surge.

While XRP faces market challenges, analysts, including Dark Defender, advocate for patience among investors. XRP still has time to recover, and the analysts expect it to do so in a big way.

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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.