- XRP trading near its final support; poised to surge to $5.85 post-correction.
- Prominent analysts emphasize the critical importance of the $0.50 and $0.46 support thresholds.
The Current State of XRP
Amid its ongoing price correction, XRP currently treads close to its last line of defense in terms of support levels. Esteemed analyst Dark Defender, in his recent elucidation, suggests a promising rise to $5.85 for XRP once this correctional phase concludes.
Hi there. We discussed #XRP stopped @ $0.93 & named as Wave 1, proceeding with Wave 2, corrective.
On the 2nd of Sep, we called the final supports in sight: $0.46 & $0.39.
XRP is now hovering on $0.46 support, if we see below this the final support will be at $0.39.
Then I… pic.twitter.com/pdtFvC8Szt
— Dark Defender (@DefendDark) September 12, 2023
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Drawing from meticulous observation of XRP‘s price action patterns, Dark Defender dissected its movement into three distinct waves:
Wave 1: The Initial Ascent
During this phase, XRP faced a significant resistance at $0.93, despite Dark Defender’s initial projection of $1.33 as the target. The unforeseen lawsuit victory in July led to this unanticipated ceiling, prompting a revision of the subsequent targets.
Wave 2: The Downward Shift
Following the climax of Wave 1, XRP dived into the second wave – a predictable correction to its earlier rally. The cryptocurrency, at present, registers a 48% dip from its yearly high. Dark Defender’s recent assessment underscores $0.46 and $0.39 as the crucial support levels during this correction. As of now, with XRP lingering around $0.46, a breach beneath would signal the culmination of this wave.
Wave 3: The Monumental Leap
The anticipated end of Wave 2 sets the stage for the most thrilling chapter – Wave 3. This phase is projected to propel XRP into a significant rally, with audacious targets of $1.88 and the ultimate goal of $5.85. Realizing these figures would translate to an impressive 294% increase to achieve $1.88 and a staggering 1,128% boost to reach $5.85.
But Dark Defender isn’t the sole voice offering insights on XRP‘s trajectory. Another revered crypto analyst, Nebraskangooner, delivered his perspective, emphasizing the pivotal nature of the $0.50 level. He advises against purchasing XRP below this mark absent a definite breakout due to the risks associated with “knife catching” – an attempt to acquire assets at their lowest, hoping for an immediate rebound. This tactic, especially in erratic markets, can be detrimental if misjudged. As of this analysis, XRP trades at $0.4760, marking a slight uptick of 0.65% in the last day.
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