Top Crypto Trader Predicts XRP Rally to $5.85 According to Elliott Wave Theory – Here’s His Timeline

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.

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

CaptainAltcoin
Logo