Near-Term XRP Price Rally Of 270% Is Imminent: Crypto Analyst

The XRP price has seen a strong uptrend in recent days, demanding attention from investors and analysts alike. According to crypto analyst Dark Defender, XRP has surpassed the short-term price target of $0.66, a bullish signal for the digital asset’s trajectory.

“We set $0.66 as a very short-term target, and now it’s broken in the 4-hour time frame. Congrats, who believed in it,” tweeted Dark Defender.

The Next Near-Term XRP Price Target

The analyst highlights the necessity for XRP to maintain its stance above this level to confirm its bullish trend. “We need to stay above this level today as well. The daily time frame indicates we are oversold, so there might be back-tests to $0.66 daily,” Dark Defender added, hinting that a corrective move could be imminent.

Remarkably, Dark Defender’s not solely confined to daily movements; the analyst provided a comprehensive bullish outlook across various time frames. “Daily Time Frame, Bullish; Weekly Time Frame, Bullish; Monthly Time Frame Bullish,” stated Dark Defender, reaffirming a strong uptrend sentiment after several months of anticipation.

Related Reading: The Main Drivers Behind The 23% XRP Price Rally Revealed

In terms of future price predictions, the crypto specialist sees a 270% rally to $1.88 as the next short-term target, but not before a crucial condition is met: “We must observe XRP close above $0.6649 first, a prerequisite for a crucial Fibonacci Level of $1.88.”

Fibonacci levels are often used in trading to identify potential levels of support and resistance, and the $1.88 mark is highlighted as a significant Fibonacci level equivalent in strength to the $0.66 threshold. On the way up, Dark Defender sets $1.05 and $1.33 as further targets, although these are considered less challenging than the $0.66 level.

Long-Term Price Targets

The realignment of focus will shift to $5.8563 once the $1.8815 level is breached. “Whenever I see $1.8815 is broken, then we can set $5.8563” as the next target, the analyst explains, setting an ambitious but calculated path for XRP’s potential growth.

The chart shared by Dark Defender showcases the XRP price targets, illustrating a well-defined Elliott Wave pattern, a technical analysis tool that predicts future price movements by identifying crowd psychology that manifests in waves. This method hinges on the notion that market prices unfold in specific patterns, which Dark Defender has applied to the XRP price chart.

Related Reading: XRP Enjoys 11% Rally As Sharks & Whales Hit 2023 High Holdings

The chart indicates that XRP is currently in an Elliott Wave pattern, a structure that consists of impulse and corrective waves. The impulse waves, labeled as 1, 3, and 5, move in the direction of the trend, while the corrective waves, labeled 2 and 4, move against it. Dark Defender’s analysis suggests that XRP completed its wave 1 and wave 2, with wave 1 characterized by a sharp increase in price and wave 2 marking a retracement.

Wave 3, which is often the longest and most dynamic, has targets set by the analyst using Fibonacci extension levels. This is where we see the recent break above $0.66, marking the potential start of wave 3. The 1.618 Fibonacci extension level provides the next target for this wave at $1.88. However, Dark Defender’s ultimate target for wave 3 is above the 2.618 Fibonacci extension level at $5.88.

As for wave 4, Dark Defender expects a slight corrective wave, which will likely see the price retrace from the highs of wave 3, but not below $3.5. Finally, wave 5 is anticipated to push the price up again, completing the Elliott Wave cycle. If the prediction of the analyst holds true, the XRP price sets a bold long-term target of $18.22 for the completion of wave 5, which would represent a substantial increase of more than 2,500% from the current levels.

At press time, XRP trade at $0.6933.

Featured image from Shutterstock, chart from TradingView.com

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