10 August 2024
Crypto analyst Dark Defender provided an in-depth analysis of XRP price action using the Elliot Wave Theory. In his analysis, the analyst revealed what to expect from the crypto token and where its price is eventually headed.
XRP Could Rise To As High As $18 On Its Next Leg Up
Dark Defender revealed in an X (formerly Twitter) post that XRP is now in wave three based on the chart structure he shared, with the crypto token targeting $1.88, $5.85, and $18.22 on this bullish wave. The chart also showed that XRP could reach this price target of $18.22 at the beginning of next year when wave three is set to be completed.
Wave 4, a corrective move, could see XRP drop to as low as $9 from the projected price of $18.22. However, the crypto token will enjoy a bullish move on wave five, with Dark Defender predicting that XRP will top at $36.76 when that time comes. XRP holders might have to wait a while for such a parabolic rally, as the chart shows that this move won’t happen until 2026.
Meanwhile, Dark Defender also provided insights into what to expect from XRP’s price in the short term. He stated that market participants can “quickly expect” the crypto token to hit $1.03 once it achieves a successful breakout above $0.66. Crypto analyst RLinda also mentioned that a breakout above the $0.6 range would open a “new path” for XRP.
Dark Defender added that XRP staying above 1.03 “represents an extreme Bullish Zone above the Ichimoku Clouds on the monthly time frame.” The analyst also highlighted the Moving Average Convergence/Divergence (MACD) monthly indicator, which he noted had turned bullish for the coin.
External Decisions Do Not Drive XRP’s Price
Dark Defender made a bold claim, stating that XRP’s price is driven not by external decisions but by its pattern. He made this statement while addressing why the recent conclusion of the lawsuit between the US Securities and Exchange Commission (SEC) and Ripple didn’t impact the token’s price.
Despite Dark Defender’s claim, it is worth mentioning that XRP rose by over 18% to $0.6 following Judge Analisa Torres’ ruling, which ended the case between the SEC and Ripple. However, it has cooled off since then, with this price action looking to have fallen short of the expectations of many holders. Before now, the lawsuit’s conclusion was projected as one of the catalysts that could easily send the altcoin above $1.
XRP holders might just have to be patient. Crypto analysts like CrediBULL Crypto are confident that the conclusion of the case between the SEC and Ripple has paved the way for XRP to reach a new all-time high (ATH) in this bull run.
Featured image from Pexels, chart from TradingView