Following the SEC victory, Ripple (XRP) had a strong bull run. However, with the effect of the market drop, the altcoin price has largely given back its gains. However, a veteran analyst expects a spectacular return for XRP.
Dark Defender awaits a spectacular rise for this altcoin!
Renowned analyst Dark Defender has unveiled a new XRP price analysis that suggests an impending surge. According to him, despite the recent correction, XRP is aiming to rise to an impressive $1.87 price. This represents a 269% increase from its current value. Dark Defender’s latest post builds on an earlier analysis it did for XRP. The analyst first spotted a pattern that caught the attention of XRP traders back in May.
Dark Defender cited historical patterns and price dynamics of XRP in its analysis. In this context, the analyst predicted a rise to $0.89 followed by a final price of $1.73. At that time, XRP was oscillating in the price range of $0.44 to $0.50. Dark Defender sheds light on the journey of XRP in its latest statement. In this context, the analyst seems very optimistic that the altcoin project will achieve the goal it set.
Hi all, during May, we targeted first $0.89 and then $1.73. Both were Elliott Wave targets. However, #XRP finalised the first wave at $0.93, which is technically normal. So he finished the move earlier and get rejected touching $0.44 with significantly less volume of trade.
We… pic.twitter.com/WdQIBOYUxi
— Dark Defender (@DefendDark) August 18, 2023
“Despite the last fix it is still possible!”
Despite these obstacles, Dark Defender’s unwavering confidence remains. The analyst’s forecasts are based on Elliott Wave theory, a framework that measures market trends by identifying recurring patterns in investor sentiment. According to the analyst, XRP’s journey has only reached its early stages. Also, the completion of the first wave at $0.93 is seen as the technical norm.
Dark Defender initially expected further climbs after the rise to $0.93. Accordingly, he had planned for Wave 3 to surpass $0.93 and reach the target range of $1.67 to $1.73 in August. The analyst is confident that this can still happen, despite the recent correction.
Analyst expects altcoin price to reach $1.87
As you follow from Kriptokoin.com, XRP experienced a significant rise after the court decision. In this process, the altcoin increased its value to $ 0.9380 on July 13. However, XRP has faced a correction phase, encountering a series of declines. Hence, it became difficult to reach the $1.73 target. Currently, XRP is trading at $0.5061, reflecting the current market turbulence.
However, recent market reality has led to a reassessment of the structure, leading to new levels of support. Specifically, XRP’s wave trend indicates a trend towards the oversold region. It is possible that this could trigger a reversal of the uptrend. Dark Defender is now revising its third wave target from $1.73 to $1.87. XRP needs to gain 269% from its current price to hit the new $1.87 price target. However, Dark Defender is confident that history will repeat itself.
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