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Home»Altcoins»Crypto Analyst Predicts XRP Rise to $18 with Third Elliott Wave
Altcoins

Crypto Analyst Predicts XRP Rise to $18 with Third Elliott Wave

2024-09-03No Comments4 Mins Read
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This article is available in Spanish.

In a new technical analysis published on X, says crypto analyst Dark Defender (@DefendDark). project a very bullish future for the XRP price. He uses Elliott Wave Theory to suggest a potential rise to $18.22 in what he expects to be the third wave of a major bullish cycle. This analysis is supported by a detailed overview of XRP price movements, key support levels and technical indicators on the weekly chart.

Why XRP Price Is Poised to Reach $18

The Elliott Wave Theory states that market prices unfold in specific patterns, known as waves. According to this theory, a typical cycle includes five waves, with waves 1, 3 and 5 being impulsive waves moving in the direction of the general trend, and waves 2 and 4 being corrective waves moving against it. The third wave is often the most dynamic and achieves the greatest price distance.

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When analyzing the XRP chart, Dark Defender points out that XRP has completed its first and second waves. The first wave had a significant upward trend. XRP rose to $0.93 in July 2023, followed by a downward correction in the second wave, which is typical of Elliott Wave formations. The second wave took the XRP price below $0.39 in July 2024, marking the bottom.

XRP price
XRP Price Analysis | Source: X @DefendDark

The consolidation phase between $0.6649 and $0.3917 ended the correction phase and paved the way for the expected third wave. Notably, the transition to wave 3 corresponds to a ‘higher low’ formation on the RSI.

A higher low on the RSI during a corrective wave (wave 2) indicates underlying strength and typically precedes a strong upward move, indicating that the price has maintained higher relative lows despite the correction. This formation is seen by Dark Defender as a bullish signal, reinforcing the potential onset of wave 3.

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Dark Defender’s analysis includes critical Fibonacci extension levels that serve as potential targets and resistance levels in the bull run. The Fibonacci retracement level of 23.60% at $0.3917 and the 50.00% at $0.5286 served as significant support during the correction phase. With the XRP price currently trading around $0.56, the next price target is $0.6649 (70.20%).

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These levels are crucial as they represent intermediate resistances that XRP has faced and must be surpassed to confirm the bullish trend. The $0.6649 level is identified by the crypto analyst as particularly significant and marks the upper limit of previous consolidation.

“It has been a long time since XRP consolidated between $0.6649 and $0.3917. In the weekly time frame, the RSI dips paralleled the price declines. There is a weekly RSI golden cross. We have consistently emphasized the importance of the $0.6649 level. This level, located above the weekly Ichimoku clouds, is a crucial marker that must be in place before the run,” Dark Defender explains via X.

As the price progresses, the 100.00% Fibonacci level at $0.9327 represents a full recovery and a doubling from some of the lowest recent prices, setting a foundation for the next impulse wave. The extended Fibonacci levels of 161.80% and 261.80%, which equate to $1.8815 and $5.8563 respectively, are higher bullish targets that can be achieved in a strong market upswing.

The ultimate price target for wave 3, represented by the 361.80% level at $18.22, would mark an extraordinary upside, reminiscent of the dramatic gains seen in the 2017 crypto bull market. “We are having a deja vu of 2017 by being weeks ahead of the XRP bull run. If a similar run occurs, $18.22 (NFA), the 361.80% Fibonacci level, is expected to be the wave 3 target high. It will be great to see this all come through,” concludes Dark Defender.

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At the time of writing, XRP was trading at $0.5672.

XRP price
XRP price remains above the trendline, 1-day chart | Source: XRPUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

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