2024-12-1 16:00 |
Crypto analyst Dark Defender recently shared a chart on X (formerly Twitter) suggesting a bullish outlook for XRP’s price, with projections indicating a potential rally to $6.42. The accompanying tweet provides detailed price targets and insights into XRP’s market structure, igniting interest within the crypto community. Here’s what this analyst sees in the charts and what people are saying about where this might go.
Dark Defender expects XRP’s price to first hit $2.13, then dip down a bit after that. Looking ahead, we could see the price hit some key points at $4.11 and $6.42. These match up with important Fibonacci levels at 261.8% and 361.8%. I noticed a five-wave pattern forming on the 4-hour chart that points to this.
The tweet emphasizes that the structure supports a strong uptrend, with Wave (1) marking an initial breakout, Wave (2) acting as a corrective phase, and Wave (3) projected to push toward $4.11. The final Wave (5) is forecasted to drive the price to $6.42, indicating a potential continuation of the rally.
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Corrective Phase and Support ZonesThe chart reveals that XRP’s price is currently undergoing an ABC corrective wave, a natural retracement following a bullish move. Wave (A) initiated the correction, with Wave (B) acting as a temporary resistance. Wave (C) is expected to complete this phase before the price resumes its upward trajectory.
Key support zones are identified near $1.40, reflecting previous consolidation levels that could provide a foundation for the next rally. These levels are critical for maintaining bullish momentum as XRP transitions from correction to continuation.
Image Source: X/DarkDefender Technical Indicators and Trend AnalysisTechnical indicators, including the Ichimoku cloud, suggest that Ripple’s XRP remains in bullish territory. The price is currently above the cloud, signaling strong upward momentum. This bullish continuation aligns with the overall Elliott Wave structure, which anticipates a parabolic rise after the corrective phase.
The trend analysis also highlights XRP’s potential to sustain a long-term uptrend, supported by robust resistance levels and Fibonacci extensions. As long as the price remains above key support zones, the projected targets remain viable.
Community Sentiment and Analyst InsightsDark Defender’s tweet, shared with the hashtag #XRPArmy, reflects optimism within the XRP community. By framing the projections as “just the beginning,” the tweet reinforces confidence in the asset’s long-term potential. The inclusion of a disclaimer—“Not financial advice”—underscores the speculative nature of the analysis.
The chart and accompanying commentary have gained traction among XRP supporters, highlighting the continued interest in the asset’s performance. The clearly defined XRP price targets and technical approach provide traders with actionable insights while fostering engagement among the community.
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The post This Analyst’s Chart Shows XRP Price Could Reach $6.42 – Here’s the Breakdown appeared first on CaptainAltcoin.
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