XRP, one of the most closely watched cryptocurrencies, has been struggling in recent weeks, facing a notable decline that saw its price drop significantly. However, according to crypto analyst Dark Defender, the downward momentum may be coming to an end, and XRP could be gearing up for a massive surge. The analyst believes that the token could soon break past key resistance levels and potentially reach $8 in the coming months.
Technical Indicators Point to a Reversal
Despite XRP’s recent price crash, Dark Defender suggests that the correction phase is nearing completion. His analysis is based on the Elliott Wave Theory, which describes market cycles consisting of corrective and impulsive waves. According to him, XRP has been in an extended ABC correction phase, which could soon be followed by an impulsive upward movement.
Key technical indicators also support this outlook. The Relative Strength Index (RSI), which measures market momentum, is approaching oversold levels, often signaling that selling pressure is waning and buyers may soon take control. Additionally, XRP’s price has been testing critical support levels between $1.88 and $1.91. A strong bounce from this range could indicate the start of a new bullish trend.
Potential Price Targets for XRP’s Next Rally
Dark Defender outlines a potential price trajectory for XRP, predicting that it could follow a five-wave impulse sequence after breaking out of its correction phase. Here’s what the expected price movement could look like:
First Wave: XRP could climb toward the $3.00 level as initial buying momentum returns.
Second Wave: A minor retracement may occur before a stronger rally.
Third Wave: A surge could take XRP to the $5.00–$5.85 range, a historically significant resistance zone.
Fourth Wave: Some consolidation or pullback might take place before the next move.
Fifth Wave: XRP could reach its projected high of $8.00, in line with Fibonacci extension levels.
If XRP follows this pattern, it would mark one of the most significant price surges for the token in recent years, potentially reigniting investor confidence.
Factors That Could Influence XRP’s Future Price
While technical indicators suggest a bullish scenario, external market conditions will play a crucial role in determining XRP’s trajectory. Several key factors could impact its price movement:
Regulatory Clarity: XRP has been at the center of legal battles with the SEC, and any resolution in Ripple’s favor could boost investor sentiment.
Broader Crypto Market Trends: If Bitcoin and Ethereum regain strong momentum, it could create a positive spillover effect for XRP.
Institutional Adoption: Increased adoption of XRP for cross-border payments and financial institutions leveraging Ripple’s technology could strengthen demand.
Conclusion
Despite its recent decline, XRP may be approaching a major turning point. Analysts like Dark Defender believe that the ongoing market correction is nearly over, and a bullish breakout could be on the horizon. With strong technical indicators supporting this outlook, XRP holders will be closely watching whether the token can reclaim key resistance levels and make a run toward $8.
While the crypto market remains volatile, XRP’s long-term potential remains promising, especially if it can capitalize on regulatory clarity and growing institutional interest. Investors and traders should keep an eye on upcoming market developments, as they could be crucial in determining XRP’s next major move.