Crypto analyst Dark Defender forecasts a bullish outlook for XRP, anticipating a price surge above $5.85. This prediction is based on a confluence of technical indicators, including trend lines and Elliott Wave theory.
The symmetrical triangle pattern, along with the recent breakout above a long-term downtrend line, signifies a strong bullish signal. These factors suggest a potential shift in market sentiment from bearish to bullish, possibly leading to significant price appreciation.
Dark Defender uses Elliott Wave theory to suggest XRP may enter a powerful Wave 3 impulse move, historically marked by strong momentum and market participation. The projected target aligns with Fibonacci extension levels, providing a technical basis for the potential price increase.
In the short term, breaking the 70.2% Fibonacci price level at $0.6649 is crucial for confirming wave 3. Possible extension targets include $1.88 and the ultimate $5.85 level.
The analyst notes that Heikin Ashi candles and MACD indicators show bullish signals, reinforcing the bullish outlook. Despite the SEC lawsuit against Ripple, these technical patterns and indicators are expected to influence XRP's movements more significantly.
Overall, Dark Defender remains "super bullish" on XRP, expecting it to follow historical patterns and achieve a price exceeding $5.85.
