Ripple (XRP) has suffered a significant price drop since hitting a yearly high of $0.5842 on March 29. The token lost its bullish momentum and failed to break higher, disappointing investors who were optimistic about the uptrend of one of the biggest cryptocurrencies in the market. So what’s next?
More bearish for Ripple?
It is worth noting that XRP’s recent price drop is part of a broader market correction affecting the entire cryptocurrency market. Despite this, trader and crypto analyst “Dark Defender” believes there are still more corrections for XRP. On April 1, Dark Defender made a bold prediction for the XRP price based on the theory of Elliott Waves. According to Dark Defender, the token completed its first wave (W1) around $0.59 and is expected to enter a second wave (W2) that will find support between $0.48 and $0.38.
As of now, Dark Defender’s forecast has not changed and XRP remains in the correction as long as it does not break the $0.59 resistance level and stay above it for three consecutive days. Dark Defender has provided a list of support levels for XRP, including $0.4812, $0.45544, $0.42044 and $0.38813. The analyst believes that XRP will finish this latest correction at one of these levels before targeting the $3 mark.
In addition, the analyst predicted an uptrend for the future of XRP, stating that the third wave (W3) of this structure is expected to reach between $2 and $3.47 by the end of this year. However, this wave 3 above $1.33 will be the precursor to Great Wave 3. In scenario 2, Dark Defender predicts that XRP will continue to rise in value.
What is the latest situation in XRP?
As of this writing, XRP is currently trading at $0.4582, which represents a drop of over 2.6 percent over the past 24 hours. In wider timeframes, the token recorded significant drops of 11 percent and 9.2 percent in the seven and fourteen-day timeframes, respectively. This means that if Dark Defender’s prediction is correct, XRP could still have a lot of downtrends to experience, potentially reaching March 21 lows of $0.380. XRP has been on the rise in recent months with its unparalleled utility in cross-border payments, attracting the attention of financial institutions and investors, with continuous innovations to provide a better service to its users.
Uphold, the crypto exchange that allows users to buy, sell, and hold various cryptocurrencies and fiat currencies, currently holds $1.04 billion in XRP, according to pro-XRP attorney John Deaton, as we reported on cryptocoin.com. which makes XRP the largest single asset on the platform. This amount is significantly more than Uphold’s Bitcoin assets, which are currently $131 million. In addition, token volume accounted for 28.33 percent of total transactions on Uphold’s platform. This marks a growing demand for XRP among Uphold’s user base and presents a positive outlook for the future growth and adoption of the coin.
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