XRP could rally by a mind-blowing 63,975% rate to $333, according to a prominent analyst who forecasts the occurrence of a grand wave on the monthly chart.
Renowned crypto analyst Dark Defender is anticipating an XRP surge to $333. The market watcher disclosed this ambitious target in his latest analysis, citing historical data as he observes the potential occurrence of a grand wave.
It was March, and we announced Grand Wave 3.
In April and we set the $1 target for summer was almost achieved by summer, where #XRP hit $0.93.
Our target for XRP was to continue breaking $0.93 towards $1.33 & $1.67-$1.73 after the successful touch to $0.89.
XRP struggled to… pic.twitter.com/hSt2da2CVb
— Dark Defender (@DefendDark) August 23, 2023
Dark Defender first identified the Grand Wave in an analysis in March. Despite initial skepticism, his insights have gained traction as XRP’s journey toward this grand target gains momentum.
Initial XRP Targets
During April, the analyst set an ambitious target of $1 for XRP by summer. XRP nearly achieved this target when it surged to $0.9380 on July 13.
Dark Defender had forecasted that XRP would break the $0.93 resistance level and push towards $1.33. From this level, he expected the asset to surge to the $1.67 – $1.73 range after retesting $0.89.
However, XRP faced a massive hindrance and failed to breach the $0.93 resistance. This setback prevented the asset from hitting the projected targets.
Dark Defender recalibrated his projections based on the completion of Wave 1 at $0.93. He set the revised targets at $1.88, $5.85, and $18.22. This adjustment was in response to XRP’s inability to meet the initial targets due to resistance barriers.
Furthermore, in the recent analysis, the analyst highlighted the “green signal,” a precursor to the anticipated Bull Run.
This signal had accurately predicted previous significant price movements, such as the 2017 bull run and the 2021 rally. Dark Defender noted that the indicator turned green again on March 23, signaling the potential for another substantial price surge.
The Grand Wave
The technical explanation behind Dark Defender’s projections lies in the Grand Wave targets. He boldly projected a staggering surge to $333 for XRP. At XRP’s current price of $0.5197, achieving this target would necessitate a mind-boggling 63,975% increase.
This feat would mirror XRP’s rally during the 2017 bull run, which saw a 66,240% surge from February 2017 to January 2018. Nonetheless, achieving a similar rally now would be more challenging due to XRP’s increased market cap.
Drawing parallels with previous market movements, Dark Defender referred to a similar occurrence in 2017. Presently, XRP is gearing up for the imminent Grand Wave, projected to take shape within the highlighted Green Frame on the chart.
According to him, the Grand Wave consists of five smaller waves. The first smaller wave of the Grand Wave ranges between $18 and $36.
Factors to Contribute to XRP Rally
In addition to the technical analysis, Dark Defender took into account various factors contributing to the bullish outlook for XRP.
He also highlighted XRP’s extensive role in the digital payment infrastructure. In addition, he referenced the asset’s transaction capacity, reliability, and speed. Citing these factors, he concluded that the market is on the verge of a massive bull run.