Crypto analyst Dark Defender (@DefendDark) has recently shared an updated technical chart that suggests XRP could potentially reach the long-awaited $8 price level in the near future. The chart, posted on X yesterday, showcases an Elliott Wave structure with clearly defined support and resistance levels, as well as a noticeable correction currently underway below the $3 price mark.
Initially hinting at the chart on X, Dark Defender promised to elaborate on how XRP is poised to target $8 in the upcoming days, complete with key levels and entry and exit strategies. The analyst later unveiled the chart, explaining that XRP is currently in a daily correction phase consolidating below the $3 level, which serves as a crucial breakeven point for the continuation of their price targets. Wave 3 indicates that $5.85 is within reach and closer than ever before, with the overall structure aiming for levels above $8 with its 5th Wave approaching shortly.
Breaking down Dark Defender’s latest daily chart analysis, XRP has been trading within a descending channel, from which it recently broke out. The chart illustrates five upcoming waves in an Elliott Wave formation, with Wave 1 reaching a peak near $3.3999. The subsequent correction, labeled Wave 2, retraces back into the Ichimoku Cloud region on the chart.
As XRP hovers around $2.56 on the chart, Dark Defender emphasizes the critical $3 level as the necessary breakeven point for the resumption of bullish momentum towards higher targets. The price of XRP must surpass the top white trendline on the chart to gain momentum in Wave 3. A highlighted 261.8% Fibonacci extension line around $5.8563 indicates a projected objective for Wave 3, with Wave 5 targeting $8 and above. Dark Defender believes that XRP could potentially reach this level shortly.
In a discussion within the comment section of the post, a user raised a question about XRP’s second wave dipping below the start of Wave 1, a move that goes against traditional Elliott Wave theory. Dark Defender referenced a historical event from December 6, 2017, where a similar anomaly occurred, leading to a significant price increase for XRP.
Acknowledging concerns about exchange-specific anomalies, Dark Defender clarified that not all platforms displayed the same price action during the 2017 event and that a similar discrepancy was observed recently on certain exchanges. The analyst emphasized the importance of the Ichimoku Cloud on the chart, highlighting ongoing consolidation as XRP trades below the $3 threshold. A decisive break above $3 could confirm the next major wave towards $5.85 (Wave 3) and eventually target $8+ (Wave 5) if the pattern unfolds as anticipated.
Currently, XRP is trading at $2.50. The analysis suggests that a breakthrough above key levels could propel XRP towards the $8 price level in the near future.
(Image source: X @DefendDark)