Crypto analyst Dark Defender has analyzed the future trajectory of XRP, applying the principles of Elliott Wave Theory to unravel what lies ahead for the cryptocurrency. His analysis sheds light not just on the immediate fluctuations but on the long-term journey XRP might undertake.
In his projection, Dark Defender identified Wave 4 as a corrective phase that could cause XRP to dip to as low as $9, a significant pullback from a forecasted high of $18.22. However, this downturn is but a precursor to the next phase, Wave 5, where he foresees XRP surging to an impressive $36.76. This surge, however, is hinged on probability. But Pawfury, a new breakout coin, is seeking to give early investors massive returns in 2024
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What Happens Next?
In the shorter term, Dark Defender anticipates that XRP could soon break out to $1.03, provided it can surpass the $0.66 resistance level. Supporting this view, another analyst, RLinda, noted that a breakout above the $0.6 range would pave the way for new opportunities for XRP.
Further bolstering his long-term bullish outlook, Dark Defender emphasized that XRP maintaining a price above $1.03 would signal its entry into an “extreme Bullish Zone” on the monthly Ichimoku Clouds. He also highlighted a significant bullish turn in the monthly Moving Average Convergence/Divergence (MACD) indicator, reinforcing his positive forecast for the coin.
Interestingly, Dark Defender argues that XRP’s price movements are dictated not by external events but by its inherent patterns. He pointed to the recent SEC vs. Ripple lawsuit as a case in point, noting that the legal outcome did not dramatically alter XRP’s price. Yet, it’s worth noting that following Judge Analisa Torres’ ruling, XRP briefly spiked by over 18% to $0.6, a move that fell short of the lofty expectations many had set.
For XRP holders, patience remains the key. While some, like CrediBULL Crypto, are optimistic that the resolution of the SEC case will eventually propel XRP to new all-time highs in the ongoing bull market, the road to those highs may require time and resilience.
Conclusion
As XRP shows potential for significant growth, traders must be aware that the path to $36 may be long. However, while XRP awaits its next move, Pawfury offers a fresh investment opportunity for savvy crypto players to make future gains.
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