Data Signals XRP Breakout in 6 Weeks, Projecting 538% Surge Targeting $3

Citing historical data and the Elliott Waves theory, a prominent market watcher asserts that XRP could break out in six weeks with a $3 price target.

Investors are keeping a close eye on XRP as a recent analysis by Dark Defender, a renowned crypto market watcher, reveals a historical pattern that suggests a breakout for the crypto asset in the next six weeks. The analyst sets an XRP price target of $3 following the breakout, a 538% increase from current prices.

According to Dark Defender’s analysis, XRP has consistently followed a weekly pattern, which aligns with the well-known Elliott Waves theory, pointing towards a significant price surge.

Hi all. We analyzed weekly historical patterns of XRP & pointed out August.#XRP still identically follows the pattern. Additionally, the pattern aligns with the Elliott Waves. They both target $3+ in the short term now & indicate the wave will start in 5-6 weeks #XRPCommunity pic.twitter.com/sgbPGO4twv

— Dark Defender (@DefendDark) July 12, 2023

Analysts use the Elliott Waves theory to analyze market cycles and predict future price movements. It suggests that price trends follow a wave-like pattern consisting of five upward and three downward waves.

Dark Defender’s analysis indicates that both the Elliott Wave theory and XRP’s historical pattern target a price level of $3 or more in the short term. The analyst predicts the anticipated wave will begin in approximately five to six weeks, as XRP recently broke through an elongated downtrend.

XRP Projected to Hit $3

This projection aligns with the previous analysis conducted by the market watcher. The previous analysis set a structure towards $3.39 and identified August as the potential breakout month based on the historical pattern.

This past analysis further highlighted the completion of a regular ABC corrective wave, with the Wave C detailing a downward slope from June 13. Dark Defender confirmed that XRP had completed the regular Wave C. However, he emphasized the need for XRP to hold above $0.46.

The analyst noted that Wave C could further expand if XRP fails to defend the $0.46 territory. According to him, this expanded Wave C could plunge XRP’s price to $0.39 within the next few days. 

Nonetheless, Dark Defender suggests that XRP holders remain patient and not lose hope, as he anticipates an explosive surge. The market watcher has relentlessly set a target of $3+ for XRP. He initially forecasted the $3 price target last month, as previously disclosed by The Crypto Basic.

In the initial analysis, Dark Defender insisted that XRP’s uptrend begin in August. However, this should not serve as investment advice. It is essential to approach the market cautiously and conduct thorough research before making financial decisions.

XRP is trading for $0.4705 at the time of reporting. The asset recently recovered from a drop to the $0.46 territory observed yesterday. Despite the recovery, XRP is down 1.28% over the last 24 hours.