Crypto analyst Dark Defender has shared an updated daily structure for XRP, highlighting key price levels and potential movements. Let's examine the key points of this analysis.
Current Structure and Elliott Wave Analysis of XRP
According to Dark Defender's analysis, XRP is undergoing a correction and consolidation phase below the $3 level. This level is a critical breakeven point that must be surpassed for further bullish momentum. The chart illustrates an Elliott Wave pattern, suggesting that XRP is in a five-wave cycle.
Expected Targets for XRP
The analysis on the chart presents a structured price progression where XRP has been consolidating within a downward channel. A breakout above $3 is necessary to confirm the next bullish wave. Wave 3 is projected to reach approximately $5.85, aligning with the 261.8% Fibonacci extension level.
Bullish Expectations and Cautions
Dark Defender's bullish outlook aligns with his recent analyses of XRP. In previous predictions, he has reiterated that XRP could reach the short-term target of $5.85 and has also set a long-term target of $333. However, it is essential to approach these projections with caution and conduct your research before making trading decisions.
Despite the recent decline in XRP's price, the market structure suggests an upcoming breakout, with $3 being the key level to watch. If it breaks above this level, the next targets of $5.85 and more could become attainable.
