Crypto Analyst Predicts XRP Price To Hit $1.03 Soon, Warns Of Initial Dip
July 18 2024 - 12:30PM
NEWSBTC
The XRP price has staged an impressive rally in recent days, but
this came to an abrupt end yesterday. After rising to as high as
$0.6378, it plummeted by more than 11% temporarily. Nevertheless,
the popular crypto analyst Dark Defender (@DefendDark) remains
bullish in the short-term, even if the dip could widen further in
the short term. XRP Price Could Eclipse The $1 Mark Again According
to him, the XRP price is in a promising short-term uptrend towards
the $1.03 mark. This analysis is based on the 4-hour timeframe and
shows a complex interplay of market dynamics and technical patterns
that suggest a bullish outlook for the cryptocurrency. The chart
shared by Dark Defender shows XRP’s significant rally, marked by a
67.56% increase from a low of $0.3814 to a recent high of $0.6378.
The forecast uses Elliott Wave Theory and Fibonacci retracement
levels to predict the price target. Both technical analysis tools
are often used to predict potential price levels based on past
market behavior. Elliott Wave Theory, which forms a central
component of Dark Defender’s analysis, posits that market prices
unfold in specific patterns, called waves, that are repetitive in
nature. According to this theory, a typical cycle includes eight
waves—five in the direction of the prevailing trend followed by
three corrective waves, which Dark Defender identifies on the XRP
chart. Related Reading: XRP Surges 39% As Sharks & Whales Push
Supply Share Past 85% The impulse sequence observed in XRP’s recent
uptrend consists of five upward waves labeled (1) through (5). This
sequence shows a strong bullish move from the local low to
yesterday’s high. Each wave peaked higher than the last, reflecting
increasing optimism among investors. Following the impulse, the
chart delineates an ABC corrective pattern, which is characteristic
of a temporary reversal in price following the rapid gains of the
impulse waves. Wave A signifies the initial drop from the peak,
wave B reflects a partial retracement upwards, and wave C, which is
anticipated but not yet completed, typically falls below the end of
wave A, indicating a further potential decrease in price. Dark
Defender’s chart marks the beginning of this corrective phase,
suggesting that wave C could bring the price down to around $0.499
before the market resumes its upward trajectory. “The ABC wave can
take 2 days to complete & can extend to $0.499,” the crypto
analyst noted. Related Reading: Pro-XRP Lawyer Debunks Ripple-SEC
Settlement Rumor For Tomorrow To complement the Elliott Wave
analysis, Dark Defender employs Fibonacci retracement levels, which
are drawn between the recent low and high points on the chart to
predict potential support and resistance levels. Notably, a 261.8%
extension level at $0.5891 is highlighted as an interim resistance
point. Further extensions, like a 161.8% level at $0.8763, serve to
identify additional barriers the price might test if the bullish
momentum continues. However, Dark Defender’s short-term price
target is significantly higher. According to him, XRP could revisit
the $1 mark, which was narrowly missed after the summary judgment
in the Ripple vs. SEC case in mid-July last year. “Minor resistance
at $0.87 before $1.03. I’ll make sure to keep you posted,” the
analyst wrote. Moreover, the chart features an Ichimoku Cloud,
indicating that the current price is above the cloud, which is
traditionally interpreted as a bullish signal. This suggests that
despite the expected corrective dip, the overall market conditions
favor a bullish outlook in the short-term. At press time, XRP
traded at $0.58. Featured image created with DALL·E, chart from
TradingView.com
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