XRP, the native token of the XRP Ledger, was rejected at the $0.60 level once again this week and has since retreated to around $0.57. This recent price action is frustrating many investors, as XRP has been rangebound between $0.50 and $0.70 for the last three months.
However, according to prominent XRP analyst Dark Defender, the long-term outlook remains extremely bullish. In a recent Twitter thread, he reiterated his mid-term price target of $333 for XRP, explaining:
“Our mid-term target did not change and stays at $333 for #XRP. Today, I am updating you on 6 Month Time Frame, which means 1 Bar represents 6 months on the chart. I shared this Elliott Wave Structure many times in 2021 & told it as a long-term target & revised it to mid-term.”
For those unfamiliar, Elliott Wave analysis is a form of technical analysis that tracks repeating patterns in price movements. Dark Defender has long utilized Elliott Waves in determining his lofty XRP targets.
Specifically, he notes that if the current bull market cycle peaks at XRP’s all-time high around $3.80, then the ensuing “Grand Wave 3” would take the price all the way to $333 based on the patterns observed. Even if using a slightly lower ATH around $3.55, the target would still be around $256.
So in summary, Dark Defender’s mid-term target for XRP sits between $256 to $333, depending on which exchange’s ATH is used in the Elliott Wave calculations. While this may seem optimistic to some, he views it as “pure Math based on Elliott Waves.”
Dark Defender closed by saying: “Unless otherwise proven, it will stand still as a solid Fact.”
So despite the recent ranging price action, some crypto analysts like Dark Defender remain steadfast in their belief that much higher prices are ahead for XRP in the mid-term. It may test the patience of investors, but long-term holders continue to accumulate in anticipation of the next major bull run.
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