Prominent crypto analyst Dark Defender (@DefendDark) has posted a bullish technical analysis of XRP on X. Dark Defender argues that the XRP/USD 3-month chart is exhibiting a completed 5-Wave structure, which is a technical indicator that often precedes a significant price increase.
The ABCDE Structure
Dark Defender believes that the XRP/USD 3-month chart has completed a valid 5-wave structure and is in the middle of another. The analyst identified two 5-wave structures on XRP’s chart which overlap.
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The first set of waves are labeled A to E, and the second, 1 to 5. The A-wave is a downward wave, the B-wave is a corrective upward wave, the C-wave is a downward wave that is shorter than wave A, the D-wave is an upward wave that regains a portion of wave C’s losses, and the E-wave is another downward corrective wave.
However, wave E is intriguing because it perfectly overlaps wave 2 of the second 5-wave structure. The chart shows that XRP has reached the end of wave E and wave 2, with wave 3 being a significant bullish wave.
Wave 3 and Wave 5 Targets
The third wave is the strongest in a 5-wave pattern. Dark Defender has identified a target price of $18.2275 for the end of wave 3. Following wave 3, there will be a corrective wave 4. However, this wave is brief with minimal losses. After wave 4 is complete, Dark Defender believes that the price of XRP will enter wave 5 of the 5-wave pattern.
Dark Defender has identified a target price of $36.7676 for the end of wave 5. Bullish predictions like these are the reason another well-respected crypto analyst recently predicted that XRP’s current level would be the final buying opportunity at a low price.
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Read Also: XRP to $0.35? Finance Expert Analyzes XRP 5-Wave Pattern Since Ripple Lawsuit Victory
Support and Resistance Levels and XRP’s Future
Dark Defender has also identified some key support and resistance levels for XRP. The support levels are $0.4623 and $0.3917. The resistance levels are $0.6044 and $0.6649.
It is important to note that cryptocurrencies do not always follow predictions precisely. XRP might not reach this target. However, it is equally likely that XRP will surpass these targets significantly.
Dark Defender’s analysis is consistent with the broader bullish sentiment in the XRP market in recent weeks. XRP has broken out of a prolonged bullish phase, and a prominent analyst believes XRP could head to $28, calling the digital asset a sleeping giant.
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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