Well-known market analyst Dark Defender recently offered a prediction for XRP. He suggested that the price of Ripple’s altcoin could climb to $18 or $13. This means an increase of almost 36 times. This prediction is based on the Elliott Wave model, a respected analytical tool for predicting market trends. Dark Defender expressed strong confidence in the ability of the Elliott Wave model to accurately predict price movements, stating that it has proven its reliability over time. Here are the details…
Bullish forecast for XRP
Elliott Wave Theory is a form of technical analysis that investors use to analyze financial market cycles and predict market trends. It was developed by Ralph Nelson Elliott in the late 1930s. The theory suggests that markets move in repeating cycles, which Elliott calls “waves.” These waves are a result of investor psychology and can be detected in both upward and downward market trends. The basic structure of Elliott Wave Theory consists of five waves in the direction of the main trend, followed by three corrective waves, usually labeled 1-2-3-4-5 for trend waves and ABC for corrective waves.
The five-wave pattern can be broken into smaller wave patterns. Likewise for Ripple or any other altcoin, it may itself be part of a larger wave pattern. This fractal structure of waves allows the theory to be applied in different time periods. Traders and analysts use Elliott Wave Theory to determine entry and exit points, stop-loss levels, and gauge the future direction of an asset’s price. However, it is worth noting that, like all types of technical analysis, Elliott Wave Theory is not perfect and is subject to interpretation.
Ripple lawsuit, critical factor for price
One of the key observations made by Dark Defender was that there is no direct relationship between the price of XRP and the legal ramifications for Ripple. Despite Ripple’s recent legal victories against the SEC, the price of XRP has not shown a corresponding increase. Instead, Dark Defender noted that XRP’s price is more influenced by its position in the Elliott Wave formation, underscoring the pattern’s reliability as a predictive tool. According to Dark Defender, XRP is currently in the much-anticipated Wave 3 of the Elliott Wave formation. This is a crucial stage that can set the stage for significant price gains. Currently, XRP is trading in Wave 2 with a price range between $0.46 and $0.5286.
Dark Defender predicts that XRP will rise above the $0.5286 upper limit later in the week, setting the stage for a move towards $0.66 in the following week. In terms of specific price targets, Dark Defender expects XRP to reach the average target of $5.8563 in Wave 3 in the near term. However, this may not be the end goal for Ripple. The analyst also offered the possibility that XRP could extend its rally to $18.22. On the other hand, if the rally to $18.22 fails, XRP could reach $13 as part of Wave 5. To achieve these goals, XRP would need to experience a 3,426% increase to reach $18.22 and a 2,415% increase to reach $13.
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For the rest of the article, Prediction That Will Make XRP Investors Happy: 36x Rise!