With the recent market recovery, the XRP price has been able to confirm an important Wave 3 movement that was previously emphasized by Crypto analysts Dark Defender. Because this step is complete, it is now time for the cryptocurrency to go to the next phase of the analysis. At this intersection there is a simple roadblock for a continuation of the rally and that is $ 3.13. In the follow-up analysis, Dark Defender reveals what could happen if the XRP price would break or be rejected at this level.
What to expect from the XRP price
In the analysis, dark defender marked That there is a possibility of a disadvantage after the XRP price hits the 3rd wave objective. This 3rd Wave target white is between $ 3.01 and $ 3.07, and the first run-up on Tuesday the cryptocurrency had quickly removed this level.
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The next wave that could activate the expected downward trend is Wave 4, which is historic Bearish. This is not unusual, like one Bullish Wave, Like the 3rd Golf, will usually see a correction. This correction can often offer a chance for bulls to recharge while the Wave 4 is set.
However, there is still an important wave in this mix, and that is the e -wave. As the Crypto analyst explains, it would be completely dependent on where the price goes to play this wave. From here the next large level is $ 3.13, and that is the make-or-break level.
Now, if the bulls can fully Break the resistance For $ 3.13 and go further, it would invalidate every bearish wave. But in the case of a complete rejection and the price that bounces back, the E wave could be activated for the XRP price.
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In the case of an e -wave trend, the XRP -Price is expected to see a steep decrease. This would go through all the important Fibonacci levels and the Crypto analyst explains that it could send the XRP price that fell back to as low as $ 2.74.
Nevertheless, the d -golf remains in the game, which suggests a stronger dominance of the bulls. Once the Golf 4 is completed, the last and last Golf, the Golf 5, is expected. This is historically the most Bullish Golf and can be responsible for a break above $ 3.13.
Featured image of dall.e, graph of tradingview.com