In a new technical analysis published on X, crypto analyst Dark Defender (@DefendDark) is forecasting a highly bullish future for XRP, projecting a potential surge to $18.22. Utilizing the Elliott Wave Theory, he suggests this surge will occur in the third wave of a major bullish cycle.
This theory posits that market prices follow specific patterns, with the third wave being the most dynamic. Dark Defender notes that XRP has completed its first and second waves, with the second wave bringing the price down below $0.39 in July 2024.
Key support levels and technical indicators suggest a strong upward movement, reinforced by a 'higher low' formation on the RSI during the second wave. Fibonacci extension levels are cited as potential targets, with critical interim resistances at $0.6649 and $0.9327.
The ultimate price target for wave 3 is set at $18.22, reminiscent of the dramatic gains seen in the 2017 crypto bull market. Currently, XRP is trading at $0.5672, indicating a strong potential for future growth.
