XRP Price Set To Hit $1 In March: Crypto Analyst
04 März 2024 - 6:00PM
NEWSBTC
In a recent technical analysis update, the crypto analyst known as
Dark Defender provided insights into the price movements of XRP
against the US dollar. The analyst employs the Elliott Wave Theory
to dissect the price movements of XRP. This approach, rooted in the
psychological patterns of market participants, illustrates price
trends through a distinct 5-3 wave cycle. This includes five waves
following the primary trend direction and three corrective waves.
According to Dark Defender, XRP is exhibiting an uptrend since
January of 2023, undergoing an “ABC” correction phase from November
2023 to February 2024. This phase set the stage for a new bullish
wave sequence. Hi all. I hope you had a great weekend. Let's first
check our previous pattern & update it.#XRP strolling strictly
around our Fibonacci level at $0.6462. The lines are clear &
accurate. Checking MACD, Ichimoku & RSI indicators, XRP is
expected to continue the uptrend as we… pic.twitter.com/fetf2IH7nl
— Dark Defender (@DefendDark) March 4, 2024 XRP Price Eyes $1 By
End Of March The current market dynamics of XRP are encapsulated in
a wave pattern marked from (1) to (4), as per Elliott Wave
principles. The initial wave peaked on February 16, 2024, reaching
close to $0.58, showcasing a strong market sentiment as the
subsequent second wave’s retracement was modest, halting at $0.525
rather than fully reverting to the starting point of wave (1).
Related Reading: Crypto Analyst Reveals Why Most Realistic XRP
Price Lies Between $13 And $39 XRP is currently navigating through
Wave (3), which is often the longest and most powerful, indicating
a potential surge towards the $0.81 mark. The forthcoming Wave (4)
is expected to be corrective, with a projection of a dip to around
$0.75, leading into a final thrust in Wave (5) targeting the
$0.9191 to $1 range by late March. Notably, Dark Defender’s
analysis also incorporates Fibonacci retracement levels, further
refining the predictive accuracy by identifying potential market
support and resistance points. The price of XRP has recently
surpassed a significant resistance level, which was previously
identified as a downtrend line (red) stemming from point (B) on the
chart. This breakout indicates a strong bullish signal, as the
resistance turned into a support level. Dark Defender highlighted
that the resistance has been “Eliminated,” suggesting that prior
price ceilings are no longer restricting upward movement. However,
a notable challenge lies ahead with the 161.8% Fibonacci level at
$0.6462, which has already repelled the price on several occasions.
Overcoming this barrier is crucial for sustaining Wave (3)’s
momentum. The analysis forecasts an ambitious breach above the
261.8% Fib level at $0.7707 during Wave (3), albeit with an
anticipated correction below this threshold in Wave (4), using the
November 2023 high as a pivotal support marker. Related Reading:
CEO Of German VC Firm Predicts XRP To Become ‘World Reserve Bridge
Currency’ For traders, these insights underscore the importance of
monitoring Fibonacci levels and wave patterns to gauge future
movements. Nonetheless, the subjective nature of wave analysis
necessitates corroborative evidence from other technical indicators
for a holistic market outlook. To this end, Dark Defender has
referenced additional technical tools, including the Moving Average
Convergence Divergence (MACD), the Ichimoku Cloud, and the Relative
Strength Index (RSI). Although the analysis does not visually
detail these indicators, the commentary suggests that all three
support a continued bullish trend for XRP, reinforcing the
prediction of an ongoing uptrend. He stated, “Checking MACD,
Ichimoku & RSI indicators, XRP is expected to continue the
uptrend as we predicted. At press time, XRP traded at $0.65216.
Featured image from Shutterstock, chart from TradingView.com
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