XRP Maintains Path to $5.85, as Analyst Predicts 1,094% Upsurge to Ultimate Fib Target

XRP has maintained its trajectory to the ambitious $5.85 price target, according to market analyst Dark Defender, who continues to project a looming 1,094% rally.

Dark Defender’s latest analysis is an update to a previous forecast he made on XRP, citing the Elliott Wave theory. The analyst saw it necessary to review his earlier targets for XRP amid the recent developments in the market.

In his initial analysis, Dark Defender called attention to a doji candle printed by XRP as it closed in September. He noted that this candle was a positive sign, setting up targets for XRP in line with its Fibonacci levels.

The analyst’s latest update reveals that XRP has followed these levels. Dark Defender pointed out that the asset has maintained a horizontal direction over the past week, as it trades between the Fibonacci levels at the $0.46 and $0.52 price range.

As a result, XRP has maintained the primary initial resistance the analyst highlighted. According to Dark Defender, this indicates that its uptrend is still intact. 

XRP Follows a 3-Wave Pattern

He reminded his audience of the 3-Wave pattern he highlighted in his previous insights. Notably, Dark Defender had predicted that XRP would hit the targets at $0.89 and $1.88 during Wave 1. However, when the asset completed Wave 1 in July, it only peaked at $0.91.

Following the completion of Wave 1 in July, Dark Defender predicted a corrective Wave 2, asserting that XRP could face a retracement, leading to the lows at $0.46 and $0.39. Interestingly, this was accurate, as XRP plummeted to $0.4590 on Sept. 11. 

The asset remains in the retracement as of press time, currently changing hands at $0.4896. However, Dark Defender remains bullish on XRP’s potential, especially when it completes Wave 3. The analyst has maintained his three targets for Wave 3: $1.33, $1.88 and $5.85.

The Triangle Formations 

It bears mentioning that Dark Defender’s latest chart presents the formation of several triangles amid XRP’s price movements. Triangle 1, the smaller triangle, began when XRP dropped from the high of $1.96 in April 2021. Triangle 2, the larger one, started when XRP fell from the ATH of $3.31 in January 2018.

Interestingly, XRP has continued to trade within both triangles till now. Dark Defender believes they present some crucial interest levels for XRP in its journey. XRP broke above the smaller Triangle 1 when it soared to $0.91 in July. However, the correction has now made the asset retest the triangle.

Dark Defender noted that Triangle 1 now presents formidable support for XRP at the $0.46 price. The analyst asserts that when XRP rallies, it would surge to the boundary of the larger Triangle 2, leading to the first price target of $1.33 for Wave 3.

He believes a break above Triangle 2 would boost XRP enough to aim for the last two targets. Dark Defender first projects a surge to the $1.88 level and then a rally to $5.85. A $5.85 price would necessitate a 1,094% increase from XRP’s current price of $0.4896.