The XRP price has seen significant volatility in recent years, correcting sharply from highs above $1.90 to lows around $0.40. However, according to prominent crypto analyst Dark Defender, this correction may be over and XRP is gearing up for further gains.
In a recent Twitter thread, Dark Defender noted that XRP appears to have completed a 5-wave Elliott Wave correction after topping out at $1.966. The analyst sees the bounce from $0.39 as the start of a new impulsive Wave 3, with upside targets at $1.88 and $5.85 based on Fibonacci extensions.
The technical indicators currently reflect building bullish momentum, albeit with some caveats. The MACD histogram bars are declining but remain in positive territory, suggesting momentum is slowing but has not turned negative yet. Additionally, the MACD line remains above the signal line in bullish alignment.
The RSI is hovering around 50, reflecting the recent cooldown from overbought territory without yet entering oversold. This puts the RSI in neutral territory but with room to climb on renewed upside.
In terms of support and resistance, XRP has initial support around $0.45 and faces resistance at $0.55 (the previous support level), $0.68 and $0.92.
Overall, the constructive technical setup combined with the bullish outlook from Dark Defender suggests advantage to the upside for XRP in the near-term. A move above $0.55 would confirm the analyst’s view and open the door for a retest of $1.90. However, extended consolidation or a dip to support around $0.45 remain possibilities. Traders should watch for a breakout above resistance or breakdown below support to signal the next major move.
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