XRP’s price trajectory is showing increasingly bullish signals as technical indicators and market structure suggest a potential surge to unprecedented levels. Following its recent break above $2.60, crypto analyst Dark Defender has outlined an ambitious price target of $36, supported by Elliott Wave Theory analysis.
Elliott Wave Pattern Signals Major XRP Breakout
The cryptocurrency has broken through a critical three-month resistance trendline that has contained price action since 2018. This technical breakthrough represents a significant shift in market structure, potentially marking the end of XRP’s extended bearish trend.
Dark Defender’s analysis reveals a developing five-wave bullish structure, with Waves 1 and 2 already completed. The token appears to be entering Wave 3, traditionally the strongest and most extended wave in the Elliott sequence. If this pattern holds true, XRP could achieve a staggering 423.6% increase, targeting $36.76.
Key Price Targets and Support Levels
The analysis outlines several critical price milestones:
- Short-term target: $3.33
- Mid-term goal: $5.85
- 161.8% Fibonacci extension: $13.81
- 261.8% Fibonacci extension: $18.96
- 361.8% Fibonacci extension: $26.87
On-Chain Data Supports Bullish Outlook
Supporting this bullish thesis, analyst Ali Martinez’s examination of Glassnode’s UTXO Realized Price Distribution (URPD) data reveals minimal resistance ahead. A significant support zone exists at $2.38, where 1.85 billion XRP (2.92% of supply) was last transacted, providing a strong foundation for future price appreciation.
FAQ Section
What is driving XRP’s potential price surge?
The combination of technical breakouts, Elliott Wave patterns, and favorable on-chain metrics suggests strong upward momentum.
What are the key resistance levels to watch?
Major resistance levels are projected at $3.33, $5.85, $13.81, $18.96, and $26.87 before reaching the ultimate target of $36.76.
What technical indicators support this prediction?
The Elliott Wave Theory, URPD data, and the break of a three-month resistance trendline all support the bullish outlook.