June 23, 2024

After a recent correction from its peak of $1.9, XRP has shown signs of stabilizing and is now set for a potential surge. 

A prominent analyst, Dark Defender, shared an optimistic analysis, predicting XRP could reach a high of $5.8 as it completes its 5-wave structure. Also, the market’s current sentiment indicates a potential bullish run for XRP shortly.

XRP’s Recent Correction: Dark Defender’s Insightful Analysis

Dark Defender began his latest analysis by discussing the big drop Ripple recorded from its highest point of $1.96. Remember, in April 2021, XRP reached an impressive $1.9669 after a strong surge. But then, the asset lost all its gains during that surge and dropped from the $1.9669 peak.

Dark Defender’s chart showed a pattern with five waves labeled A to E, which Ripple followed during the correction. According to the chart data, it took Ripple around 20 months to complete this correction process. Notably, this correction phase ended with Wave E when Ripple dropped to $0.30 in January. 

XRP’s Upward Surge: New 5-Wave Structure Unfolds

After the correction, the chart revealed that XRP started a new pattern with five waves, Waves 1 to 5. This time, it’s different from the previous one as it indicates a positive trend, suggesting higher prices for XRP in the future.

The expert mentioned that the first wave of this pattern led XRP to reach a high of $0.91 in July this year. Recall on July 13, Ripple surged, reaching $0.91. This surge followed the ruling by Judge Analisa Torres, who declared that XRP is not a security. 

Interestingly, over nine weeks from July 17 to September 11, XRP experienced eight weeks of losses. It dropped to $0.45, which formed Wave 2. In the analysis, Dark Defender pointed out a slight risk of going down to $0.39, which could be the lowest point.

XRP to Hit $5.8, Crypto Analyst Predict

According to Dark Defender, Ripple will kickstart a positive trajectory after successfully concluding Wave 2 correction. He pointed out that XRP’s price is on the verge of surpassing the Weekly Ichimoku Cloud, positioned between $0.52 and $0.56.

The analyst emphasizes that a sustained week above this threshold will trigger a bullish trend in XRP’s price. Further, he established two Fibonacci targets for the forthcoming optimistic Wave 3. The initial target is $1.8815, a pivotal resistance level for XRP’s potential surge.

Apart from Dark Defender, analyst EGRAG had revealed a similar price trajectory for XRP. He predicted the XRP price should hit the $2 region, marking a 277% increase from its present value. EGRAG prediction was based on a 4-month trading chart in which he highlighted a two-descending pattern.

Based on these analysts, Ripple is preparing for a surge in the future. However, given the volatility and uncertainties that characterize the crypto market, traders and investors should always tread cautiously. 

Meanwhile, as of 5:27 a.m. EST today, October 9, the XRP price is  $0.50, representing a decrease of over 2% in the past 24 hours. Based on recent price, XRP will require a surge of 1060% to reach $5.8.

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