Near-Term XRP Price Rally Of 270% Is Imminent: Crypto Analyst
November 07 2023 - 3:20AM
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The XRP price has seen a strong uptrend in recent days, demanding
attention from 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 $0.66 as a very short-term target, and now it’s
broken in the 4-hour time frame. Congrats, who believed in it,”
tweeted Dark Defender. The Next Near-Term XRP Price Target The
analyst highlights the necessity for XRP to maintain its stance
above this level to confirm its bullish trend. “We need to stay
above this level today as well. The daily time frame indicates we
are oversold, so there might be back-tests to $0.66 daily,” Dark
Defender added, hinting that a corrective move could be imminent.
Remarkably, Dark Defender’s not solely confined to daily movements;
the analyst provided a comprehensive bullish outlook across various
time frames. “Daily Time Frame, Bullish; Weekly Time Frame,
Bullish; Monthly Time Frame Bullish,” stated Dark Defender,
reaffirming a strong uptrend sentiment after several months of
anticipation. Related Reading: The Main Drivers Behind The 23% XRP
Price Rally Revealed 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 must observe
XRP close above $0.6649 first, a prerequisite for a crucial
Fibonacci Level of $1.88.” 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
equivalent 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 realignment of focus will shift to
$5.8563 once the $1.8815 level is breached. “Whenever I see $1.8815
is broken, then we can set $5.8563” as the next target, the analyst
explains, setting an ambitious but calculated path for XRP’s
potential growth. The chart shared by Dark Defender showcases the
XRP price targets, illustrating 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 hinges on the notion that market prices unfold in
specific patterns, which Dark Defender has applied to the XRP price
chart. Related Reading: XRP Enjoys 11% Rally As Sharks & Whales
Hit 2023 High Holdings The chart indicates that XRP is currently in
an Elliott Wave pattern, a structure that consists of impulse and
corrective waves. The impulse waves, labeled as 1, 3, and 5, move
in the direction of the trend, while the corrective waves, labeled
2 and 4, move against it. Dark Defender’s analysis suggests that
XRP completed its wave 1 and wave 2, with wave 1 characterized by a
sharp increase in price 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 1.618 Fibonacci extension level provides the next target for
this wave at $1.88. However, Dark Defender’s ultimate target for
wave 3 is above the 2.618 Fibonacci extension level at $5.88. As
for wave 4, Dark Defender expects a slight corrective wave, which
will likely see the price retrace from the highs of wave 3, but not
below $3.5. Finally, wave 5 is anticipated to push the price up
again, completing the Elliott Wave cycle. If the prediction of the
analyst holds true, the XRP price sets a bold long-term target of
$18.22 for the completion of wave 5, which would represent a
substantial increase of more than 2,500% from the current levels.
At press time, XRP trade at $0.6933. Featured image from
Shutterstock, chart from TradingView.com
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