XRP Correction Continues: Elliott Waves Theory Predicts Wave 2 At $0.38
April 21 2023 - 5:00PM
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Since reaching its yearly high of $0.5842 on March 29th, XRP has
experienced a significant price drop. The token has lost its
bullish momentum and failed to breach higher levels, disappointing
investors who were optimistic about the uptrend of one of the
largest cryptocurrencies in the market. It is worth noting that
XRP’s recent price drop is part of a wider market correction
affecting the entire cryptocurrency market. Despite this, trader
and crypto analyst “Dark Defender” believes that there is still
further correction ahead for XRP. Related Reading: Is The Final
Shakeout Moment Coming For Bitcoin? Expert Weighs In No Signs Of
Recovery For XRP? On April 1st, Dark Defender made a bold
prediction for the price of XRP based on Elliott Waves theory.
According to Dark Defender, the token completed its first wave (W1)
at around $0.59 and is expected to enter a second wave (W2) that
will find support between $0.48 and $0.38. As of now, there have
been no changes to Dark Defender’s prediction, and XRP remains in
correction unless it breaks its resistance level of $0.59 and stays
above it for three consecutive days. Dark Defender has provided a
list of support levels for XRP, including $0.4812, $0.45544,
$0.42044, and $0.38813. The analyst believes that XRP will finish
this last correction at one of these levels before targeting the $3
mark. Furthermore, the analyst has provided a bullish
prediction for XRP’s future, stating that the third wave (W3) of
this structure is expected to reach between $2 and $3.47 by the end
of this year. However, this wave 3 above $1.33 will be the
predecessor of the Grand Wave 3. In scenario 2, Dark Defender
predicts that XRP will continue to rise in value. As of this
writing, XRP is currently trading at $0.4582, which represents a
drop of over 2.6% in the last 24 hours. On wider time frames, the
token has recorded significant drops of 11% and 9.2% in the seven
and fourteen-day time frames, respectively. This means that if Dark
Defender’s prediction is correct, XRP may still have plenty of
downtrends to experience, potentially reaching the lower lows of
March 21st at $0.380. XRP’s Wide Adoption Continues To Increase XRP
has been gaining traction in recent months, with its unique utility
in cross-border payments attracting attention from financial
institutions and investors, which has been raising with its
continuous innovations to provide a better service to its
users. According to pro-XRP lawyer John Deaton, Uphold, a
digital platform that allows users to buy, sell, and hold various
cryptocurrencies and traditional currencies, currently holds $1.04
billion in XRP, making XRP the single largest asset holding on the
platform. This amount is significantly greater than Uphold’s
Bitcoin holdings, which currently stand at $131 million. In
addition, the token volume accounted for 28.33% of total
transactions on Uphold’s platform. This indicates a growing demand
for XRP among Uphold’s user base and suggests a positive outlook
for the cryptocurrency’s future growth and adoption. Related
Reading: Shiba Inu Whales On Buying Spree, Add 311 Billion Tokens
During Price Dip Featured image from Unsplash, chart from
TradingView.com
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