Prominent crypto analyst Dark Defender has shared the latest XRP price analysis, predicting a significant potential for growth.
Technical Analysis and Immediate Targets
According to Dark Defender's most recent analysis, XRP has concluded its correction phase on the four-hour time frame and is poised to move towards $2.42. The expert emphasizes that substantial momentum will commence once XRP rises above the Ichimoku clouds, a technical indicator used to identify support and resistance levels. Key support levels, $2.22 and $2.04, are crucial for maintaining the bullish structure. Projected price targets of $4.2932 and $5.8563 suggest a potential rally if the upward trend is sustained.
Mid-Term Projections
Building on immediate targets, Dark Defender has recently set a mid-term price target of $77.7, grounded in Elliott Wave Theory, which posits predictable market movements driven by investor psychology. According to the analyst, XRP is in the third wave, historically the most robust in a five-wave pattern. Once the third wave peaks around $18.22, a correction is expected before the final move towards the mid-term target.
Long-Term Outlook
In addition to the mid-term forecast, Dark Defender has elevated their long-term price target to $333, based on historical market patterns and Fibonacci levels. XRP currently trades at $2.21, and market participants widely view triple-digit targets as unfeasible. However, the analyst argues that market cap is misunderstood in the cryptocurrency space. It is suggested that market cap is an indicative, not a direct representation of capital flow. This stance, reaffirmed by another expert, suggests that the market might witness substantial movement.
Dark Defender's projections reflect a bullish outlook on XRP, shared by many experts, indicating potential significant market shifts in the near future.
