Despite Recent XRP Dip, Expert Analyst Projects 269% Rally to $1.87

XRP could be eyeing a 269% rally, according to analyst Dark Defender who envisions an ultimate price surge to $1.87.

Prominent analyst Dark Defender has unveiled a new XRP price analysis that suggests an impending surge. According to him, despite the recent correction, XRP is eyeing a rally to an impressive $1.87 price. This would represent a 269% increase from its current value.

The recent post from Dark Defender builds on an earlier analysis he made for XRP. In May, the analyst first identified a pattern that caught the attention of XRP traders. 

Citing historical patterns and XRP’s price dynamics, Dark Defender predicted a rally to $0.89 and then to an ultimate price of $1.73. At the time, XRP oscillated between the price range of $0.44 and $0.50. 

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In the latest statement, Dark Defender shed light on the journey that XRP has embarked upon. The asset experienced a significant uptick following the court ruling, propelling its value to $0.9380 on July 13. 

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

However, the anticipated achievement of the $1.73 target remained elusive as XRP faced a correction phase, encountering a series of dips. Presently, XRP is trading at $0.5061, reflecting the current market turbulence.

XRP Projected to Hit $1.87

Despite these obstacles, Dark Defender’s unwavering confidence remains steadfast. The analyst’s predictions hinge on the Elliott Wave theory, a framework that gauges market trends by identifying repetitive patterns in investor sentiment. 

According to the analyst, XRP’s journey has only reached its initial stages, with the completion of the first wave at $0.93 being viewed as a technical norm. 

Following the rally to $0.93, Dark Defender initially expected further climbs, with Wave 3 slated to breach the $0.93 mark and reach the target range of $1.67 to $1.73 in August. Despite the correction, he is confident this could still occur.

However, the recent market reality prompted a reevaluation of the structure, leading to new support levels. Notably, XRP’s wave trend is signaling a trend into oversold territory, which could trigger a bullish reversal.

Dark Defender has now reviewed the third wave’s target from $1.73 to $1.87. For XRP to claim the new $1.87 price target, it would need to appreciate by 269% from its current price. Dark Defender is confident that history will repeat itself.