The world of cryptocurrency is ever-evolving, with digital assets experiencing dramatic price swings influenced by a variety of factors. In a detailed technical analysis of the XRP price on the weekly chart (XRP/USD), renowned crypto analyst Dark Defender has issued a stark warning about a possible final major crash for XRP. This analysis leverages the Elliott Wave theory, a popular technical analysis tool, to examine both historical and projected price paths for XRP, highlighting critical levels and wave patterns that investors should be aware of.
Potential Final Crash for XRP Price?
Dark Defender’s analysis points to a significant milestone for XRP, as it completed its Wave 1 at a peak of $0.9327 back in mid-July last year. This was a significant achievement, as it exceeded the initial targets that were set when XRP was trading at a mere $0.28. Dark Defender elaborates, “Those in the know were targeting $0.89 and above when XRP was at $0.28. However, XRP concluded Wave 1 at $0.9327. So, we haven’t made a final decision on that yet. We set limits and targets and then observe the market’s movements. Right after reaching our initial target, XRP began consolidating.”
The weekly chart analysis reveals that after this peak, XRP’s price action found solid support at $0.3917, a level that was closely approached with a dip to $0.3814. This underlines the precision of the predicted support levels based on the Elliott Wave theory. “We all knew that our lowest level was $0.3917, which we had established. Later on, XRP almost precisely touched $0.3814. We then emphasized that this area was the lowest Fibonacci zone on several occasions,” Dark Defender stated.
Key Levels and Indicators to Watch
Moving into recent market activity, Dark Defender has identified the $0.6649 level as a particularly significant and “extraordinary level.” He describes it as the “strongest of all” and notes, “As soon as we see XRP exceed $0.66—whether it takes a day, a week, or a month—we can expect tremendous movements.”
However, the current weekly Wave indicator is flashing a red signal, suggesting possible downward pressure. Dark Defender advises investors to be cautious, noting, “At the moment, the weekly indicator is giving us a red signal, which might be false but indicates that we should consider support levels at $0.5286, $0.4850, and the lowest probability of $0.3917 as a potential double dip.”
While a decline is possible, the likelihood remains low, according to Dark Defender. He notes, “Can XRP touch these levels again? Oh God, yes, but it is less likely.” Despite the short-term bearish signal, the monthly wave trend remains green, which typically takes precedence over weekly indicators, suggesting that the red signal might be premature.
Long-Term Projections and Resistance
Dark Defender explains, “Although the weekly signals red now, the monthly wave trend is green, which overpowers the weekly indicator. This leads me to believe that the weekly signal is a false indicator at this stage.” This reinforces the potential for continued bullish momentum in the longer term.
Interestingly, the wave indicator also provided false signals on the weekly chart during the first wave, supporting Dark Defender’s long-term theory. He remains confident that XRP’s Wave 3 “possible targets are at $0.88, $5.85, and $18.22, respectively.”
Nevertheless, before the price can rally to these heights, there is one last significant resistance to overcome. “As long as the levels of $0.48 and, most importantly, $0.3917 are maintained, XRP’s targets are clear, especially after surpassing $0.6649. Please do not underestimate the significance of $0.66. It is the red thin line. We understand and observe what is happening behind the scenes. Fewer people remain invested, but I trust myself, Ripple, and XRP. Exciting times lie ahead,” he concludes.
At the time of writing, XRP is trading at $0.5302.
