Amid the market-wide correction, a top crypto analyst expects XRP to rebound soon and hit new highs in the coming months, citing the asset’s Relative Strength Index (RSI) technical indicator.
According to Dark Defender, XRP is set to gain massive upward momentum given that its price recently touched a correction target or support level he previously recognized. To further support his projection, the pseudonymous technical analyst noted that XRP’s daily RSI has slipped into the oversold area.
Notably, investors tend to accumulate a crypto asset more whenever its RSI number indicates oversold. And oftentimes, massive accumulation of a cryptocurrency triggers a surge in price.
XRP Predicted Targets
Per a chart shared on Tuesday, Dark Defender predicted XRP to hit three targets in several bullish waves, following its price performance in the past weeks. After breaking through $0.58 in March, bears dragged XRP price downward throughout April. However, the sixth-largest crypto asset found support at $0.412 early this month.
Thus, the TA guru who foretold the latest XRP price correction — and called it Wave 2 — submitted that XRP is now ready for the next wave of its price rally. In particular, he expects the crypto asset to hit $0.89 and $1.76 in the mid-term, which he marked as Wave 3.
In other words, the analyst predicts XRP to rise by roughly 161% and 261% between late June and late September. While there is no guarantee that things will play out as analyzed, Dark Defender expects XRP to hit $3.47 by December 2023 if it overcomes $1.76.
#XRP finally reached our Wave 2 correction target zone $0.42 – $0.38 by touching $0.412.
Daily RSI is oversold & weekly is close to the RSI Support.
3rd Wave will transform non-XRP believers into XRP disciples, hopefully, this summer.#XRPArmy #Ripple pic.twitter.com/u0xEST0rtd
— Dark Defender (@DefendDark) May 9, 2023
Veteran investor Peter Brandt shared a similar prognosis, stating that XRP has formed a rare bottom. Likewise, several other experts continue to share their respective bullish sentiments on XRP with some stating that XRP below $1 is a lifetime opportunity. As published, XRP is primed to rally hard if classified as a non-security by the presiding judge in the ongoing Ripple-SEC case.
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