Popular cryptocurrency market analyst Dark Defender recently revealed his bullish stance on the price of XRP Ledger’s native token $XRP on the X platform, firmly believing that the price will reach a bold $5.58 price target, which means that the cryptocurrency’s price could rise by more than 1,000%.
In a Weibo post, the analyst applied the Elliott Wave Theory, which has been gaining traction recently. Initially, the analyst highlighted the candlestick pattern as a positive sign and based on the Fibonacci levels, the price of XRP was set.
Next, by using the Elliott Wave Theory, the analyst predicts an imminent surge in XRP price, suggesting that its price could reach $5.85.
In his latest update, the analyst noted that XRP “continues to move sideways between the $0.52 and $0.46 Fibonacci levels this week.” He stressed that the main resistance level still lies at the upper Fibonacci retracement level.
Dark Defender mentioned that the price may fluctuate around the $0.20 level and is expected to move in the direction of $0.89 to $1.86, which is part of the first wave of the Elliott Wave Theory, while the second wave may cause the price to fall back to $0.46 to $0.39.
In the third wave, the price of the cryptocurrency could surge to between $1.88 and $5.85, which lends credence to his XRP price prediction.
The Elliott Wave Theory was developed in the 1920s by Ralph Nelson Elliott, who observed and identified "recurring fractal wave patterns." These fractal wave patterns are based on mass psychology, and the Elliott Wave Theory is usually explained based on five waves (which may be bullish or bearish) moving in the direction of the primary market trend, and three corrective waves.
The theory suggests that the repetition of these patterns can be used to predict fluctuations in asset prices. Elliott himself is said to have made the theory famous in 1935 when he predicted that the stock market would bottom out after a 13-month correction.
Dark Defender combined an interpretation of the Elliott Wave Theory with an analysis of XRP’s ongoing weekly trend to advance the idea that the cryptocurrency’s price could rise by more than 1,000% from current levels of $0.489.
