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XRP Could Hit $0.39 Before Soaring 1000%: Crypto Analyst
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XRP Could Hit $0.39 Before Soaring 1000%: Crypto Analyst

Jake Simmons
Jake Simmons
1 year ago
3 mins read
XRP price

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The price of XRP is currently navigating bearish territory. Following its descent below the 200-day exponential moving average (EMA), the digital currency has further dipped beneath the critical 0.618 Fibonacci retracement level. Despite this downward trend, renowned crypto analyst Dark Defender offers a glimmer of optimism for the XRP army.

However, he also suggests that the market might face additional challenges first before embarking on a remarkable 1000% surge. In his latest analysis, the crypto analyst shared the weekly XRP/USD chart, employing a range of technical indicators including the Ichimoku Cloud, Fibonacci levels, ABC corrective patterns, and Elliott Wave theory.

XRP Price Could Drop Further

The chart provided depicts XRP’s price movements within the context of an Elliott Wave structure, which postulates that markets move in predictable, repetitive cycles. The analyst is identifying the progress of an ABC correction pattern within a larger Elliott Wave cycle. This correction consists of three waves: A (down), B (up), and C (down again), which is purportedly nearing completion.

XRP price analysis
XRP price analysis | Source: X @DefendDark

Dark Defender’s analysis suggests that the current market structure for XRP mirrors that of a period in early 2021 when the crypto asset surged by 1,060% in less than four months. According to Dark Defender, this is indicated by the confluence of the RSI readings and price action.

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The RSI, a momentum oscillator that measures the extent of recent price changes to evaluate overbought or oversold conditions, is marked with a white circle at a level of approximately 47.61, indicating neutrality. This is similar to the RSI level noted in 2021, suggesting a potential repetition in market sentiment and behavior. Moreover, the RSI is currently in an uptrend, as previously stated, with plenty of room to the upside.

The Ichimoku Cloud, a collection of indicators that show support and resistance levels, as well as momentum and trend direction, shows that XRP is trading within the cloud on the weekly timeframe. A breakout from the cloud could signal a strong trend in the direction of the breakout.

Fibonacci levels, derived from the Fibonacci sequence, are used to predict the extent of a correction or a continuation of a trend. The chart highlights several key Fibonacci retracement levels from a recent high to a low. These levels are $0.3917 (23.60%), $0.4623 (38.20%), $0.5286 (50.00%), and $0.6649 (70.20%).

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According to the analysis, holding above or below the 50% retracement level at $0.5286 could indicate the likelihood of testing the next levels at $0.6649 or falling towards $0.3917, respectively. “#Equation: 1. XRP stays below $0.52 for 3 days —>$0.39 in play 2. XRP stays above $0.52 for 3 days—> $0.66 in play,” the analyst remarked.

Followed By 1000% Price Rally

Looking further ahead, the Fibonacci extension level at 161.80%, which translates to a price target of $1.8815, is highlighted as potential objectives for Wave 3 of the Elliott Wave cycle. The analyst has outlined a substantial potential increase, with a range up to $5.85, which would exceed the 161.80% Fibonacci extension level.

However, it’s important for traders to note the main resistance trend line that has been pressing down on the price (red line), as well as the support trend line that has been upholding the price during retracements (blue line) are the most crucial price levels at the moment. The convergence of these trend lines forms a triangle that is a focal point for the price action going forward. A decisive break in either direction could lead to significant price moves – either to $0.39 or $0.66 in the short-term.

In conclusion, Dark Defender’s analysis presents two pivotal scenarios, both leading to the anticipation of a major wave up (Wave 3) after the completion of the current corrective phase. “One way or another, wave 2 will be completed & wave 3 is expected to target $1.88 – $5.85 for both scenarios,” Dark Defender concludes.

At press time, XRP traded at $0.53195.

XRP price
XRP price drops below the 0.618 Fib, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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