XRP price has remained relatively flat this week, down a modest 1% to trade around $0.54. Technical analysis shows that XRP recently broke out of a descending channel it had been stuck in since late November, marked by the blue lines on the price chart.
However, the price has failed to see any significant pumps and if the current direction continues over the next few weeks, XRP could enter into a sideways trading channel.
Notably, the 200-day moving average currently sits at $0.56. As a reminder, the 200-day moving average is a widely followed technical indicator that smooths out price action to identify long-term trends. With XRP still below this level, it indicates the asset remains in bearish territory from a long-term standpoint.
Popular crypto analyst Dark Defender offered an optimistic take on where XRP is headed next. In a recent tweet, he noted “When #XRP was 17 cents, and we were calling the $2+ in 2021, people felt that XRP would never appreciate. XRP hit almost $2 at that time. ‘We called it the most significant wave B in crypto. XRP is expected to hit $5.85 as the average point, and people will say the same at that time. Wave 3: this run is in play.”
Defender sees the recent price action as the end of the corrective Wave 2, with key support at $0.5198 to $0.5066. From there, he expects XRP to break out and tear through the daily Ichimoku Clouds en route to hitting initial targets at $0.6649, $0.7707, and $0.9191.
However, he views $5.85 as the next major inflection point where XRP will see another wave of extreme bullish momentum, akin to when it ran to nearly $2.
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Show more +In Defender’s view, the current consolidation sets the stage for the next leg in XRP’s ongoing bull market. And if his wave analysis proves correct, $5.85 serves as the midpoint target for the massive Wave 3 that could send XRP to unprecedented highs over the long-term.
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