The XRP price has been on a strong uptrend in recent days, demanding the attention of investors and analysts alike. According to crypto analyst Dark Defender, XRP has surpassed the short-term price target of $0.66, a bullish signal for the digital asset’s trajectory.
“We set a very short-term target of $0.66, and now that has been achieved within a four-hour window. Congratulations, who believed in it,” tweeted Dark defender.
The next short-term XRP price target
The analyst emphasizes the need for XRP to maintain its stance above this level to confirm its bullish trend. “Today we must remain above this level. The daily timeframe indicates we are oversold, so there could be backtests to $0.66 per day,” Dark Defender added, noting that a corrective move could be imminent.
Remarkably, Dark Defender isn’t just limited to everyday movements; the analyst provided an extended bullish outlook across various time frames. “Daily time frame, bullish; Weekly time frame, bullish; Monthly Time Frame Bullish,” said Dark Defender, reaffirming strong upward sentiment after several months of anticipation.
In terms of future price predictions, the crypto specialist sees a 270% rally to $1.88 as the next short-term target, but not before a crucial condition is met: “We first need to see that XRP is close to $0.6649, a condition for a crucial Fibonacci wave. $1.88 level.”
Fibonacci levels are often used in trading to identify potential levels of support and resistance, and the $1.88 mark is highlighted as a significant Fibonacci level equal in strength to the $0.66 threshold. On the way up, Dark Defender sets $1.05 and $1.33 as further targets, although these are considered less challenging than the $0.66 level.
Long-term price targets
The focus realignment will shift to USD 5.8563 once the USD 1.8815 level is breached. “Every time I see $1.8815 broken, we can set $5.8563” as the next target, the analyst explains, laying out an ambitious but calculated path for XRP’s potential growth.
The chart shared by Dark Defender shows the XRP price targets and illustrates a well-defined Elliott Wave pattern, a technical analysis tool that predicts future price movements by identifying crowd psychology that manifests in waves. This method is based on the idea that market prices unfold in specific patterns, which Dark Defender has applied to the XRP price chart.
The chart indicates that XRP is currently in an Elliott Wave pattern, a structure consisting of impulse and correction waves. The impulse waves, labeled 1, 3, and 5, move in the direction of the trend, while the correction waves, labeled 2 and 4, move against it. Dark Defender’s analysis suggests that XRP has completed its wave 1 and wave 2, with wave 1 marked by a sharp price increase and wave 2 marking a retracement.
Wave 3, which is often the longest and most dynamic, has targets set by the analyst using Fibonacci extension levels. This is where we see the recent break above $0.66, marking the potential start of wave 3. The Fibonacci extension level of 1.618 provides the next target for this wave at $1.88. However, Dark Defender’s final target for wave 3 is above the Fibonacci extension level of 2,618 at $5.88.
Regarding wave 4, Dark Defender expects a slight corrective wave, which will likely see the price return from the highs of wave 3, but not below $3.5. Finally, wave 5 is expected to push the price back up, completing the Elliott Wave cycle. If the analyst’s prediction is correct, the XRP price sets a bold long-term target of $18.22 for the completion of wave 5, which would represent a substantial upside of over 2,500% from current levels.
At the time of writing, XRP is trading at $0.6933.
Featured image from Shutterstock, chart from TradingView.com