XRP News Today: An Elliot Wave analysis now indicates a short-term rise for XRP to $18.22, giving XRP a current bullish outlook.
Renowned crypto analyst Dark Defender, active on social media platform X, has recently shared an optimistic forecast for XRP.
He anticipates a breakout within the next 16 to 20 hours, driven by a symmetrical triangle pattern forming on the 4-hour chart.
This analysis builds upon an Elliott Wave structure established in August 2023, suggesting a significant upward movement for XRP.
Key Price Targets from Elliott Wave Analysis
In his comprehensive chart, Dark Defender outlined essential price targets based on the Elliott Wave principle.
He identified a target for the third wave at $5.85, while also noting an intermediate level of $4.55.
These projections align with a broader bullish sentiment surrounding XRP’s price trajectory in the weeks ahead.
Importance of Break-Even Level
A crucial aspect of Dark Defender’s analysis is the emphasis on the break-even line, which serves as a key resistance level.
He argues that confirming a breakout during a retest of this line would bolster the case for a bullish move.
Surpassing this level could enable XRP to accelerate towards its next Fibonacci targets, signaling a significant shift in momentum.
The symmetrical triangle formation on the 4-hour chart is critical to the near-term outlook.
A successful breakout from this pattern could initiate a strong upward trend, propelling XRP toward its targeted price levels.
Reinforced Confidence from the Crypto Community
Dark Defender’s bullish outlook is echoed by other analysts in the crypto space.
Recently, another prominent figure noted XRP’s breakout from a symmetrical triangle, reinforcing the belief that a significant upward movement is imminent.
Dark Defender remains steadfast in his prediction, expecting the breakout to occur within the specified timeframe.
Projected Targets for XRP
Dark Defender’s analysis aligns with a consensus among bullish analysts regarding XRP’s potential.
One well-known crypto voice even labeled a $10 target as conservative, suggesting that many investors may not be prepared for the anticipated surge.
The breakout from the larger symmetrical triangle has been connected to long-term bullish projections, further solidifying the optimism around XRP.
The upcoming targets highlighted in Dark Defender’s analysis include $5.85 at the Fibonacci 261.8% extension level and $18.22 at the Fibonacci 361.8% extension level.
While these targets may seem ambitious, Dark Defender has consistently reiterated his confidence in these predictions.
Currently, XRP is trading at $3.08.
The asset’s swift recovery has sparked renewed optimism among investors and analysts, indicating that significant developments may be on the horizon.
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