Crypto analyst Dark Defender has published a new update on the price performance of XRP. This update aroused great interest among the cryptocurrency community and investors. Dark Defender suggested that XRP still has the potential to reach a significant price target of $5.85. Here are the details…
In its previous analysis, Dark Defender drew attention to the doji candle (a financial term indicating a small trading range in length, where the opening and closing prices are equal) formed by XRP with the September close. He emphasized that this prominent candle is considered a positive sign within the cryptocurrency community, stating that XRP can form a solid foundation to achieve future price targets.
Dark Defender, current in the analysis showed that XRP’s price trend is still in line with its previous predictions. He suggested that XRP is making steady progress towards its $5.85 price target:
“XRP continued its sideways movement this week and remained between the $0.52 and $0.46 Fibonacci levels. Therefore, the primary resistance remains and the uptrend continues.”
Dark Defender revealed a 3-wave model in the XRP analysis it shared. He predicted that XRP would reach $0.89 and $1.88 in wave 1. When the wave ended on July 1, XRP reached $0.91. The end of this wave coincided with Ripple’s victory and was followed by a corrective wave 2 that sent XRP crashing to $0.45 in September, as predicted by Dark Defender.
The latest chart from Dark Defender showed triangles forming on the price chart of XRP. Minor triangle 1 began with XRP falling from its April 2021 high of $1.96, while major triangle 2 began with XRP falling from its January 2018 all-time high. XRP broke triangle 1 during its rise in July but is back for a retest due to the current negative price trend.
Dark Defender has marked the bottom of triangle 2 as the support level and the top as the final resistance level. XRP has not yet broken through triangle 2. Even though XRP is below $0.5, Dark Defender remains bullish.
The analyst set $1.33 as the target for triangle 2 within wave 3. The Fibonacci target for wave 3 is $1.88, and the final target is $5.85. The analyst thinks that a breakthrough above triangle 2 will push XRP towards the remaining two targets.
You can follow the current price movement here.