Crypto analyst Dark Defender has provided a new update on the price trend of XRP, outlining five waves in his analysis.
Short-term Target Projections
Dark Defender noted resistance levels at $2.222 and $2.36, which were expected. XRP retreated after reaching $2.13. The analyst indicates that the current correction is likely nearing its end.
Five-Wave Structure
As the correction approaches its final stages, the analyst suggests that XRP is preparing for an upward move. He applies Elliott Wave Theory, projecting that the first wave will target the $3 range, while waves 3 and 5 will aim for $4.40 and $6.30.
Support and Fibonacci Levels
The analysis also includes Fibonacci extension levels, particularly at 161.8% ($1.8815) and 261.8% ($5.8563), emphasizing the significance of these price zones. Support near $1.88 is critical for maintaining a bullish outlook.
Dark Defender's expectations suggest a positive trend for XRP's price over the coming months, despite recent volatility. An upward trend could continue if current technical structures hold.
