Citing historical data and the Elliott Wave Theory, a prominent market observer asserted that XRP could breakout within six weeks with a price target of $3.
Investors are keeping a close eye on XRP, with recent analysis by prominent crypto market watcher Dark Defender revealing a historical pattern that suggests the crypto asset will breakout within the next six weeks. Analysts set a post-breakout XRP price target of $3, a 538% upside from current prices.
According to Dark Defender’s analysis, XRP has been following a weekly pattern that aligns with the famous Elliott Wave Theory, suggesting a significant price increase.
Analysts use the Elliott Wave Theory to analyze market cycles and predict future price movements. It suggests that price trends follow a wave pattern consisting of five upward waves and three downward waves.
Dark Defender’s analysis shows that both the Elliott Wave Theory and XRP’s historical patterns target price levels of $3 or higher in the short term. The analyst predicts that the expected wave will begin in about five to six weeks as XRP recently broke out of a long-term downtrend.
XRP is expected to reach $3. This prediction is in line with previous analysis conducted by market observers. The previous analysis set the structure at $3.39 and identified August as a potential breakout month based on historical patterns.
Past analysis further highlighted the completion of a regular ABC corrective wave, with wave C detailing a downtrend that started on June 13. Dark Defender confirmed that XRP has completed the regular wave C. However, he stressed that XRP needs to stay above $0.46.
The analyst noted that if XRP fails to hold the $0.46 area, the C wave could extend further. According to him, the extended C wave could drop the price of XRP to $0.39 in the coming days.
Nevertheless, Dark Defender advises XRP holders to remain patient and not lose hope as he expects an explosive surge in XRP. The market observer has persisted in setting a target of more than $3 for XRP. As previously revealed by The Crypto Basic, he initially predicted a target price of $3 last month.
In the initial analysis, Dark Defender insisted that XRP’s uptrend started in August. However, this should not be taken as investment advice. One must approach the market with caution and conduct thorough research before making financial decisions.
As of the time of this report, XRP is trading at $0.8. The asset has recently reversed a 100% rise from the $0.46 drop observed yesterday.
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