XRP, the sixth largest cryptocurrency, is on the verge of a major rally that would see it attain significant price levels, which are beyond its $3.84 price all-time high, according to a prominent crypto analyst Dark Defender.
Dark Defender recently shared an XRP price analysis. The crypto expert’s analysis dwells on the XRP daily and weekly time frame from which he presented five waves.
Hi all. We recently checked the #XRP daily frame & discussed the 5 Wave correction in the daily frame has ended.— Dark Defender (@DefendDark) February 8, 2024
The weekly time frame & #RSI are slightly underperforming compared to daily and have a Weekly Resistance to break.
The regular ABC corrective wave has also been… pic.twitter.com/IOUwTgiQrF
What The Five Waves Signify
Dark Defender highlighted five waves going through the weekly frame. The first wave already played out when XRP skyrocketed to $0.93 after the July 13 favorable ruling.
Wave 2 never happened until early this year when XRP dropped below $0.50. According to the crypto analyst, the low price recorded in Wave 2 is supposed to birth a bullish run that will establish three price targets for Wave 3.
Dark Defender noted that the price trajectory for Wave 3 will take the pattern of a gradual ascent. He said the digital asset will see stops at $1.88 and $5.85 before eventually hitting $18.22, the ultimate price target.
At press time, XRP is changing hands at about $0.52. A surge to $18.22 represents about a 3,404% surge.
For Wave 4 and Wave 5, the crypto analyst stated that he will only comment on those two when XRP hits the highlighted Wave 3 price forecasts. However, he noted that Wave 4 will be more of a retracing phase while Wave 5 will be the bullish run completion.
Weekly Time Frame And Relative Strength Index (RSI) Verdict
Per Dark Defender, the weekly time frame and RSI seemed to be underperforming relative to its daily statistics, inferring that resistance must have existed at some points.
For context, the RSI is an oscillator tool used to detect how rapidly the price of a particular crypto asset is changing.
From the above explanation, it is safe to state that XRP has been playing safe every week, and a possible potent constraint seems responsible for such a pattern.
We are on twitter, follow us to connect with us :- @TimesTabloid1— TimesTabloid (@TimesTabloid1) July 15, 2023
The Regular ABC Corrective Waves
Based on the shared price chart, we deduced that the regular ABC corrective waves spanned between the early months of 2024 and around February.
The crypto analyst noted that the waves have been completed. However, wave C boasts an apparent expansion tendency that could disrupt the existing balance. Dark Defender added that XRP trading above $0.5286 will reduce the chances of shaking off balance.