Analyst Dark Defender has shared an update on XRP daily structure, highlighting a potential surge to a new all-time high in an Elliott Wave pattern.
The latest analysis shows that XRP is consolidating below the critical $3 level. According to Dark Defender, the $3 mark is a key breakeven point for further upside momentum.
At press time, XRP is hovering around $2.50 after losing 3% of its value today and 18% over the past week.
Despite these discouraging numbers, Dark Defender remains confident, suggesting that, based on Elliott Wave analysis, XRP is about to rally to a new all-time high.
XRP Elliott Wave Projection
The analyst outlines a bullish 5-wave structure, with the third wave targeting $5.85 and the fifth wave expected to push beyond $8. Currently, XRP is undergoing the corrective second wave, trading around $2.50.
According to Dark Defender, the price action remains within the framework of an extended uptrend, with $3 acting as the pivotal resistance level that must be breached for continuation.
Essentially, if XRP breaks above the $3 mark during wave 3, it could confirm the beginning of renewed bullish momentum. The next key target lies at $5.85, which is based on the 261.8% Fibonacci extension.
Finally, the Wave 5 target is projected to push XRP beyond $8, which would require a surge of 220% from XRP’s present value.
Higher Price Targets Based on Elliott Wave
Meanwhile, in a previous analysis, Tony Severino, a Chartered Market Technician, used the Elliott Wave chart pattern to argue for an even stronger uptrend for XRP. Specifically, he suggested XRP could deliver a 35X surge to $20 based on its fifth Elliott Wave pattern.
Severino pointed out that historically, previous waves (such as in 2014 and 2017) led to massive gains, with the 2017 surge seeing an over 70,000% growth.
Other Technical Indicators Pointing to XRP ATH
Likewise, other market analysts have leveraged different technical indicators to argue for a promising outlook for XRP.
In a tweet yesterday, analyst Steph disclosed that XRP has formed its third-ever weekly hammer candlestick, a pattern historically linked to price surges of over 2,000%. The formation followed the recent crypto market correction, where XRP dipped to $1.76 before quickly rebounding.
This recovery created the hammer formation, signaling buyers regaining control. The last two times this pattern occurred, XRP surged to a cycle high.
The analysis suggests that if history repeats, XRP could rise from its current price of $2.50 to a new all-time high, potentially reaching $52.50. However, the possibility of a $50 price target for XRP this cycle is highly contested.