Notable market analyst Dark Defender recently predicted that XRP could ultimately rally to $18 or $13, depending on the trajectory it takes while following the Elliott Wave pattern.
In his recent analysis, Dark Defender emphasized the significance of the Elliott Wave pattern, which has been a recurrent topic of discussion among XRP enthusiasts. Notably, the analyst expressed confidence in this pattern’s predictive power, asserting that it has stood the test of time.
One of the notable points he highlighted the analysis was the lack of correlation between XRP’s price movements and Ripple’s fortunes. Interestingly, Ripple has secured three consecutive victories in the SEC lawsuit, but XRP remains in a downturn.
Dark Defender pointed out that XRP’s value didn’t necessarily align with Ripple’s success or setbacks. Instead, the XRP price fluctuations seemed to pivot around the Elliott Wave pattern. This trend is another testament to its reliability.
The Elliott Wave is an analytical tool with five waves for analyzing and predicting market trends. According to Dark Defender, XRP is currently on a path that leads it into the much-anticipated Wave 3. This development marks a critical point, setting the stage for potential significant gains.
The analyst further confirmed that XRP currently trades in Wave 2. The range for Wave 2 lies between $0.46 and $0.5286. Dark Defender sees XRP closing above the upper threshold of $0.5286 within the week, potentially paving the way for a push towards $0.66 in the following week.
XRP to Hit $18.22 or $13
Following these targets, he expects XRP to surge to a median target of $5.8563 for Wave 3 in the short term. However, this ascent might not be the end of the road. The analyst presented the possibility of XRP extending its rally to $18.22.
Nonetheless, the market presents alternative outcomes. Dark Defender stressed that, if the extension to $18.22 doesn’t materialize, XRP could still rally to $13 as part of Wave 5. Hitting $18.22 would require a 3,426% increase from XRP’s current price and $13 would necessitate a rally of 2,415%.
The analyst emphasized that investors should not take these targets as financial advice. XRP currently trades at $0.5167, down 0.12% over the past 24 hours. Market participants should conduct proper research before making any investment decision.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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