Crypto analyst Dark Defender (@DefendDark) has released an updated technical chart suggesting that XRP could be on track to hit the $8 price level in the coming days. The chart, shared on X (formerly Twitter), showcases an Elliott Wave structure with clearly defined support and resistance levels, and a significant correction currently underway below the $3 zone.
The analyst’s chart indicates that XRP is trading within a descending channel, having previously broken out from it. The Elliott Wave formation denotes five upcoming waves, with Wave (1) peaking near $3.3999 and the following correction, Wave (2), dipping back into the Ichimoku Cloud region. XRP currently hovers around $2.56, with the $3 level acting as a critical breakeven point for resuming bullish momentum.
If XRP manages to break through the top trendline of the descending channel, it could build momentum in Wave (3), potentially reaching the 261.8% Fibonacci extension level at $5.8563. Following a presumed Wave (4) pullback below $4.50, Wave (5) targets $8+ – a zone that Dark Defender believes XRP could reach in the near future.
The ongoing consolidation beneath the $3 threshold, as highlighted by the Ichimoku Cloud, is a key support zone for bullish continuation. A decisive break above $3 would likely confirm the next major wave toward $5.85 (Wave (3)) and, ultimately, the $8+ target (Wave (5)) if the pattern plays out as anticipated.
While the Elliott Wave analysis provides an optimistic outlook for XRP’s price trajectory, it’s essential to approach such predictions with caution. The cryptocurrency market is known for its volatility, and unforeseen events or market-wide shifts could impact the realization of these projections. Nevertheless, if XRP manages to break key resistance levels and maintain its bullish momentum, it could be poised for significant gains in the coming days and weeks.
Tags: XRP price prediction, XRP technical analysis, Elliott Wave theory, Fibonacci levels, crypto market analysis
Source: https://www.newsbtc.com/xrp-news/xrp-8-upcoming-days-predicts-crypto-analyst/