XRP Surge to $18 Predicted by Crypto Analyst in Third Elliott Wave Phase 😲

XRP Price Projected to Surge to $18 According to Analyst

An analyst, Dark Defender (@DefendDark), has released a new technical analysis forecasting a highly optimistic future for the XRP price. Using the Elliott Wave Theory, the analyst suggests a potential surge to $18.22 in what is expected to be the third wave of a major bullish cycle. This analysis is supported by a comprehensive review of XRP’s price movements, key support levels, and technical indicators observed on the weekly chart.

The Elliott Wave Theory Perspective

The Elliott Wave Theory proposes that market prices develop in specific patterns known as waves. As per this theory, a typical cycle consists of five waves, with waves 1, 3, and 5 being impulse waves that align with the overall trend, while waves 2 and 4 are corrective waves that move against it. The third wave, often the most dynamic, covers the greatest price distance.

Market prices unfold in patterns called waves
A full cycle involves five waves
Waves 1, 3, and 5 are impulse waves
Waves 2 and 4 are corrective waves
The third wave typically achieves the most significant price distance

XRP’s First and Second Waves Analysis

Dark Defender’s examination of the XRP chart indicates that the cryptocurrency has completed its initial and secondary waves. The first wave witnessed a substantial uptrend, with XRP reaching as high as $0.93 in July 2023. This was followed by a downward correction in the second wave, which is a common occurrence in Elliott Wave formations. The second wave pushed the XRP price below the $0.39 mark in July 2024, establishing a low point.

XRP has completed its first and second waves
The first wave demonstrated a significant uptrend
The second wave brought XRP below $0.39
A consolidation phase ended the correction

Anticipation of XRP’s Third Wave

The consolidation period between $0.6649 and $0.3917 marked the conclusion of the corrective phase and prepared the ground for the imminent third wave. The transition to wave 3 coincides with the formation of a ‘higher low’ on the RSI, a significant technical indicator.

Transition into wave 3 associated with a ‘higher low’ formation on RSI
A ‘higher low’ on RSI during a corrective wave signals strength
This formation is viewed as a bullish indicator by Dark Defender

Key Fibonacci Extension Levels and Price Targets

Dark Defender’s analysis integrates critical Fibonacci extension levels that act as potential targets and resistance levels during a bullish trend. The 23.60% Fibonacci retracement level at $0.3917 and the 50.00% level at $0.5286 played significant roles as supports during the correction phase. With XRP currently trading around $0.56, the next target stands at $0.6649 (70.20%).

Fibonacci extension levels serve as price targets and resistance points
The 23.60% and 50.00% retracement levels are critical
Current price around $0.56 with next target at $0.6649

Implications of Fibonacci Levels

These levels are pivotal as they represent intermediate resistances that XRP must overcome to confirm the sustained bullish trend. The $0.6649 level holds particular importance, defining the upper boundary of previous consolidation phases.

Intermediate resistances crucial for trend confirmation
$0.6649 level highlighted as significant by the analyst
Analyzing the importance of Fibonacci levels

Future Price Targets and Projections

As XRP advances, the 100.00% Fibonacci level at $0.9327 signifies a complete recovery and a doubling from recent low prices. The extended Fibonacci levels at 161.80% and 261.80%, equivalent to $1.8815 and $5.8563 respectively, represent higher bullish targets plausible in a robust market upswing.

100.00% Fibonacci level signals complete recovery
Extended levels at 161.80% and 261.80% as ambitious targets
Ultimate target at 361.80% level of $18.22

Summary and Current XRP Price

The final price target for wave 3, as projected by Dark Defender, is represented by the 361.80% Fibonacci level at $18.22. This milestone suggests a remarkable surge akin to the exponential gains witnessed during the 2017 cryptocurrency bull market. At present, XRP is trading at $0.5672.

Hot Take: Potential XRP Surge to $18 on the Horizon

Considering the analysis and insights provided by Dark Defender, the XRP price appears to be on the cusp of a significant upward movement, potentially reaching $18 in the upcoming bullish cycle. The meticulous study of Elliott Waves, Fibonacci levels, and key support zones indicates a strong foundation for XRP’s anticipated rally.