Following the SEC’s decision to drop its case against Ripple’s Co-founder and its CEO, Chris Larsen and Brad Garlinghouse two days ago, crypto analyst Dark Defender took to Twitter to share his thoughts on XRP’s price action. He notes that Ripple news and XRP price do not actually correlate closely. Rather, it is the larger Elliott Wave pattern that has dictated XRP’s moves.
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The Disconnect Between Ripple News and XRP Price
Dark Defender points out that despite positive Ripple news, XRP barely moved in price. Yet during times of negative news in 2020-2021, XRP made major downward moves.
As Dark Defender states: “So, the Ripple news and XRP price do not correlate, but The Pattern.”
He is referring to the larger Elliott Wave price pattern that XRP has followed regardless of news. Dark Defender has confidence this overriding wave structure will continue to dominate XRP’s price direction.
The Elliott Wave Pattern
According to Dark Defender’s analysis, XRP is now proceeding upwards in a large Wave 3. He notes Wave 2 ranged between $0.46 and $0.5286.
His expectation is for XRP to close above $0.5286 this week, then proceed towards $0.66 next week as part of Wave 3.
In the short term, he sees the median target for Wave 3 being $5.8563. This could potentially extend as high as $18.22 if the wave is elongated.
Even if Wave 3 does not extend, Dark Defender anticipates Wave 5 reaching around $13 based on typical Fibonacci retracement levels.
In summary, despite news not driving price, Dark Defender sees technicals pointing to significant XRP gains in coming weeks and months. The larger Elliott Wave pattern is what traders should watch rather than reacting to headlines.
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