XRP is on the verge of a potentially dramatic price increase, with a projection of up to $36.76, according to analyst Dark Defender (@DefendDark). This outlook is backed by Elliott Wave Theory, a method that tracks price patterns in financial markets to predict future movements.
The current wave structure, as identified by Dark Defender, places XRP in the third wave of a five-wave sequence. The third wave is typically the most powerful. Key price targets based on Fibonacci levels include $1.88, $5.85, $18.22, and the ultimate target of $36.76.
Signals from Key Technical Patterns
One of the primary indicators supporting this bullish scenario is the recent Dragonfly Doji pattern observed on XRP’s monthly chart. This pattern, known for signaling a potential trend reversal, suggests that XRP may have established a robust support level around $0.40.
Another critical technical indicator is the MACD (Moving Average Convergence Divergence) on the monthly chart, which, according to Dark Defender, has shifted to a bullish stance. The crossover in the MACD, where the short-term moving average surpasses the long-term moving average, is a strong signal of increasing upward momentum, hinting at the possibility of a sustained rally.
Notably, XRP is also moving within a relatively tight range as indicated by its Bollinger Bands. These bands are narrowing, which often precedes a significant price movement.
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Resistance Levels and Potential Breakouts
XRP’s path to higher prices will likely be influenced by its ability to overcome specific resistance levels. The first notable resistance lies at $0.66. Should XRP manage to break through this level, the analyst believes it could quickly advance to $1.03.
Dark Defender points out that the $1.03 mark is particularly significant as it represents a major psychological and technical barrier, sitting just above the Ichimoku Cloud—a key indicator of market sentiment on the monthly timeframe.
XRP is trading at $0.5946, up 2.75% over the past 24 hours. XRP is still trading around levels it reached before the final ruling in the XRP lawsuit, disappointing many investors.
However, Dark Defender pointed out that XRP’s price has been driven primarily by its technical patterns rather than external factors, such as the lawsuit’s developments. This technical-driven momentum suggests that XRP’s future price action will be closely tied to these identified levels and patterns.
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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