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XRP Price Set To Soar Past $5.85, Predicts Crypto Analyst

Sergio Gruber by Sergio Gruber
October 9, 2024
in Crypto, News
Reading Time: 3 mins read
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Why XRP Appears ‘Super Bullish’

blockdag 70m

Crypto analyst Dark Defender (@DefendDark) has issued a positive forecast for XRP, projecting a price surge above $5.85. This prediction is based on a combination of technical indicators and chart patterns. Despite recent market stagnation, several key factors, including the application of Elliott Wave theory, suggest a significant upward movement is imminent.

Analyzing the Trend Lines

According to Dark Defender, XRP’s price is currently influenced by three primary trend lines. Two of these form a symmetrical triangle pattern, while the third—a downward-sloping orange line—represents a long-term downtrend that XRP has recently broken above on the monthly chart.

Symmetrical Triangle Pattern and Its Implications

The symmetrical triangle, formed by two converging trendlines, illustrates a 4-year period of consolidation. Generally considered a continuation pattern, this formation suggests that the price is likely to continue in the direction of the existing trend upon breakout. In XRP’s case, the price has attempted to break to the upside several times, but has yet to achieve lasting success.

The Significance of the Downward-Sloping Orange Line

The downward-sloping orange line has served as a significant resistance level for XRP since the summer of 2021. The fact that XRP has broken above this long-term downtrend line on the monthly chart signals a strong bullish sentiment. This breakout indicates a shift in market sentiment from bearish to bullish, potentially leading to substantial price appreciation.

Incorporating Elliott Wave Theory

An integral part of Dark Defender’s analysis is the application of Elliott Wave theory to XRP’s price action. The chart shared by the analyst displays an Elliott Wave count that suggests XRP is poised to enter a Wave 3 impulse move, historically the most powerful and extended wave in the five-wave trend sequence. The analyst believes that XRP has completed Wave 2—a corrective phase characterized by downward price movement—and is now embarking on Wave 3. This wave is often marked by strong momentum and increased market participation, potentially explaining the anticipated surge above $5.85.

Fibonacci Extension Levels and Price Targets

The projected target aligns with Fibonacci extension levels commonly associated with Wave 3 movements, providing a technical basis for the significant price increase. In the short term, the 70.2% Fibonacci price level at $0.6649 is the most crucial resistance for XRP. If this barrier breaks, Wave 3 could be confirmed. A first major extension target would be the 161.8% Fibonacci level at $1.88, with the ultimate target potentially reaching the 261.8% Fibonacci level at $5.85.

Additional Indicators Supporting the Bullish Outlook

Dark Defender also highlights the Heikin Ashi candles, which are currently averaging at $0.57 on the monthly chart. The analyst notes, “When Heikin Ashi candles (average-price candles, currently at $0.57) are considered, the monthly average price stays above the support level, which is critical for XRP to continue the momentum.”

Moreover, the Moving Average Convergence Divergence (MACD) indicator on the monthly timeframe has printed a green dot, a bullish signal suggesting increasing upward momentum. The MACD is a momentum oscillator that helps traders identify potential trend reversals. A green dot typically signifies that the MACD line has crossed above the signal line, indicating a positive shift in momentum.

The Independence of XRP Price from External News

Ultimately, Dark Defender contends that XRP’s price action is largely independent of external news events, including developments related to the SEC lawsuit against Ripple. While acknowledging that such news can have a minor impact, the analyst argues that technical patterns and indicators hold more sway over XRP’s movements. “As most expected, nothing happened after the appeal decision. XRP just hovered around the Ichimoku clouds top at levels above $0.60 and bounced back to $0.50. I am Bullish; why? As I always highlight, XRP does not follow any news such as SEC. OK, they have a minor impact, but that’s it,” Dark Defender notes.

Conclusion: A Bullish Future for XRP?

Based on the technical factors outlined—including the breakout above the long-term downtrend line, the significance of the symmetrical triangle, the importance of the Heikin Ashi monthly average price, bullish signals from the MACD, and the Elliott Wave count—Dark Defender is “super bullish” on XRP. The analyst anticipates that the asset will follow historical patterns leading to a price exceeding $5.85. At press time, XRP traded at $0.53.

Tags: xrpxrp newsXRP PriceXRP Price AnalysisXRP Price PredictionXRP Technical AnalysisXRPUSD
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Sergio Gruber

Sergio Gruber

Financial writer Hello, my name is Sergio Gruber and I am a finance editor with a specialization in blockchain and cryptocurrency. I have a deep understanding of how the financial world is being transformed by these exciting technologies.I received my degree in Finance Editing from Western Washington University, where I learned how to combine my passion for writing and financial analysis. Since then, I have worked with a number of high-profile publications, helping to educate and inform readers about the latest developments in the world of blockchain and cryptocurrency.

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