XRP To Hit $8 In The ‘Upcoming Days,’ Predicts Crypto Analyst
Crypto Analyst Dark Defender (@defenddark) issued An updated technical chart suggests that XRP may reach the long-awaited $8 price level in the “days to come.” Shared on X yesterday, the chart depicts the Elliott Wave structure with well-defined support and resistance levels, as well as noteworthy corrections currently in the price area below $3.
The analyst first laughed at the chart on X: I will explain that XRP targets $8 for the next days at key levels, and my entry and exit strategies (…) I will share on x (…). He later shared the chart and explained: “XRP continues to correct daily and merge at the $3 level, which will be the breakeven point to continue our goal.” Wave 3 means $5.85 is closer than ever. The goal of this structure quickly reached the $8+ level. “
XRP price analysis and decomposition
According to Dark Defender’s latest daily chart, XRP has been trading in the down channel (determined by two white trend lines), which has previously burst out. Analysts indicate five upcoming waves (1) to (5) in the formation of Elliott waves. The wave (1) peaks close to $3.3999, while the subsequent correction is marked (2), tilted within the Ichimoku cloud area on the chart.
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On the chart, XRP hovers around $2.56, with analysts highlighting the critical level of $3 as a necessary “break-even point” to restore bullish momentum to higher targets. XRP Price needs to be interrupted Build momentum in waves (3) through the top white trend line on the chart.
The chart also has a highlighted 261.8% Fibonacci expansion line of approximately $5.8563, marking the projection wave (3) target. After the assumed wave (4) is below $4.50, Wave (5) targets $8+ – Dark Defender believes that XRP can reach an area “later”.
In the comments section below the post, a user @pommapomatum questioned whether XRP’s second wave legally immersed under the beginning of wave (1), a move that is usually inconsistent with the classic Eliotto TheoryEssence The Dark Defender’s response was to invoke the historical precedent of December 6, 2017.
“You’re right. But when we check the XRP history, we’ll see similar wicks to clear the next step. We took this extraordinary move on December 6, 2017. XRP from 30 The cents rose to 0.002 cents, and then in one month the XRP was $3.82,” Dark Defender said.
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@pommapomatum retorts that the 2017 wick is exchange-specific and does not mean The entire market conditionsEssence Dark Defender acknowledged the concern, noting that not all platforms showed dramatic wicks in 2017, and the same difference occurred in some exchanges yesterday.
“Yesterday was the same situation. Not all communications had the same wick. For example, Cleken. I think that’s an exception and chose to exclude that wick, but the candle was closed,” the analyst said.
It is worth noting that the Ichimoku cloud on the chart emphasizes the continuous merger of XRP when the price moves under the $3 threshold. Dark Defender describes the support zone as a key bullish bullish and points out that a decisive breakout above $3 will confirm the next major wave towards $5.85 (Wave(3)) confirmation, ultimately the $8+ target (Wave(5)) Follow as expected.
At press time, XRP was trading at $2.50.
Featured Images created with dall.e, Charts for TradingView.com
