Renowned analyst Dark Defender (@DefendDark) has identified a promising potential for XRP to reach $5.8, based on a detailed analysis of the cryptocurrency’s recent price movements.
Dark Defender’s analysis begins with XRP’s correction from its high of $1.966, which it achieved in April 2021. After a remarkable rally, XRP experienced a considerable decline, wiping out the gains from that rally and leading to a correction phase that lasted for 20 months. This phase ended with Wave E, shown on the chart when XRP reached $0.2875 in January.
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From that point, Dark Defender’s chart shows a new 5-wave structure. Unlike the prior correction, this structure indicates a bullish trend with high price potential.
Hi all.
Please grab your coffee & come closer.#XRP finalised the correction after $1.966, & had the Wave 1 @ $0.91.
We had completed Wave 2 with a slight risk to the wick final point of $0.39.
The Price above the Weekly Ichimoku Clouds is getting closer; we will experience… pic.twitter.com/9RAQ17j3hB
— Dark Defender (@DefendDark) October 8, 2023
Price Movements
The first wave of this new structure saw XRP surge to $0.91 in July, driven by a favorable court ruling that removed securities stigma from XRP. However, XRP subsequently shed its gains, experiencing eight weekly losses out of nine weeks from July 17 to September 11.
This retracement formed Wave 2, with a notable low at $0.45. He stated, “We had completed Wave 2 with a slight risk to the final wick point of $0.39,” pointing out that XRP could have gone down to $0.39.
Read Also: As XRP Burn Rate Doubles Over 30 Days, Analyst Says $100 XRP Price Is Certain
With the completion of Wave 2, Dark Defender expects a bullish trajectory for XRP in Wave 3. He emphasizes that XRP’s price is on the cusp of closing above the Weekly “Ichimoku Cloud,” ranging from $0.52 to $0.56. A weekly close above this level is expected to trigger a bull run.
Dark Defender also sets two Fibonacci targets for the impending Wave 3. The initial target is $1.8815, which he views as a significant resistance zone. Once XRP breaches this level, the analyst envisions a surge to a new all-time high of $5.8563.
Community Reactions
Just like other bullish predictions, this one has its detractors. One user stated that Dark Defender had never made a correct prediction. However, another user came to Dark Defender’s defense, pointing out that the post wasn’t financial advice. He stated that anyone not interested could scroll past and ignore it.
XRP is trading at $0.4857, down 3% in the past 24 hours, according to CoinMarketCap. It has returned to its price levels before the minor surge experienced recently. The predicted surge to $5.8563 will signify a 1,105.7% increase.
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