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Crypto -analyst Dark Defender (@Defenddark) has issued An updated technical graph that indicates that XRP can be on schedule to reach the long -awaited $ 8 price level in the “coming days”. The graph, shared on X yesterday, shows an Elliott wave structure, complete with clearly defined support and resistance levels, together with a remarkable correction that is currently taking place under the $ 3 price zone.
The analyst first teased the graph on X: I will explain how XRP is expected to focus on $ 8 with important levels and my enter and exit strategies in the coming days […] I will share it on X […]. “He later shared the graph and explained:“ XRP continues the daily correction and consolidates below the $ 3 level, which the break life will be to continue with our goals. Wave 3 indicates that $ 5.85 With view and closer, this structure is aimed at $ 8+ with its 5th wave.
The XRP -price analysis split
According to the last daily graph of Dark Defender, XRP has traded in a decreasing channel (identified by two white trend lines), from which it broke out earlier. The analyst indicates five approaching waves (labeled (1) to (5)) in an Elliott golf formation. Wave (1) peaks near $ 3,3999, while the subsequent correction, labeled (2), falls back in the Ichimoku cloud area in the graph.
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In the graph, XRP floats around $ 2.56 and the analyst emphasizes the critical level of $ 3 as the necessary “break life” point for resuming bullish momentum to higher goals. The XRP price must break through the upper white trendline on the graph to build speed in Golf (3).
The graph also has a marked 261.8% Fibonacci extension line around $ 5,8563, which signals a projected Golf (3) goal. After a supposed Golf (4) pullback under $ 4.50, Wave (5) focuses on $ 8+ – a zone that Dark Defender believes that XRP can reach ‘soon’.
In the commentary part under the message, a user, @Pommapomatum, wondered whether XRP’s second wave legitimate fell under the start of Golf (1), a movement that is usually not consistent with the classic Elliott golf theory. Dark Defender responded by quoting a historical precedent from December 6, 2017.
“You’re right. However, when we check the XRP history, we see similar wires down to erase the road for the next move. We had this type of extraordinary move on December 6, 2017. XRP went from 30 cents to 0.002 cents and then XRP hit the ATH at $ 3.82 within a month, “Dark Defender said.
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@Pommapomatum prevented the Wick 2017 to have been exchange -specific and is not indicative of market -wide conditions. Dark Defender acknowledged this concern and noted that not all platforms showed the dramatic wick in 2017 and that the same discrepancy appeared on certain exchanges yesterday.
“It was the same case yesterday. Not all stock markets had the same wick. E.g. Crack. I think that is an exception and chosen to exclude that wick, but candle close by, “the analyst noted.
In particular, the Ichimoku cloud on the graph underlines the current consolidation while the price of XRP goes under the threshold of $ 3. Dark Defender describes this support zone as a key for bullish continuation and noted that a decisive break above $ 3 would attach the next big wave to $ 5.85 (Golf (3)) and, ultimately, a goal of $ 8+ (Golf (Golf (Golf (Golf (Golf (Golf (Golf (Golf (Golf (Golf (Golf (Golf (Golf (Golf (Golf (Golf (Golf (golf ( 5)) If the pattern follows as the intended.
At the time of the press, XRP traded at $ 2.50.
Featured image made with dall.e, graph of tradingview.com
