Elliot Wave Theory Shows XRP Needs to Retain $0.6649 to Breach $1.05 in Short Term

XRP currently changes hands at an important price position, as it needs to retain a value above the $0.6649 level to register a bullish move toward the $1.05 threshold.

Prominent market analyst Dark Defender called attention to the current situation in a recent post on X. The analyst’s latest disclosure builds on a previous analysis on XRP’s price movements, in which he set up short-term targets of $0.87 and $1.05 for XRP.

XRP’s Elliott Wave Movements

In his earlier report, Dark Defender leveraged the Elliott Wave theory to make his XRP price projections, citing the significance of the $0.6649 point as XRP faces the corrective Wave 4.

Notably, XRP has already completed Waves 1 to 3. After witnessing a rally in the completion of Wave 1, XRP faced a correction from the beginning of October, dropping to a low of $0.4739 on Oct. 12. This drop marked the completion of Wave 2.

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However, Wave 3 brought some renewed hope for market participants. Riding on this wave, XRP rallied to a high of $0.7325 on Nov. 6 amid the latest market-wide uptrend. XRP completed Wave 3 upon hitting the $0.7325 high. Nonetheless, the ensuing Wave 4 brought with it another correction.

XRP Needs to Stay Above $0.6649

Amid this correction, Dark Defender believes XRP’s hope of a surge to $1.05 in the upcoming Wave 5 hinges on the asset’s ability to hold above $0.6649. The analyst confirmed that it was discouraging to see XRP close below the $0.6649 level for two consecutive days.

Notably, XRP closed Nov. 11 at $0.6625, and Nov. 12 at a price of $0.6614, both below the $0.6649 level. Dark Defender confirmed that XRP is still trading sideways between the $0.6649 threshold and the $0.6131 level. The $0.6131 level represents the lowest point of the Wave 4 correction.

According to Dark Defender, if XRP continues to stay below $0.6649, it could plummet to the support at $0.6131. Despite this outlook, the analyst confirmed that his earlier short-term targets of $0.87 and $1.05 remain intact. However, for XRP to hit these targets, it needs to stay above $0.6649.

XRP’s Current Position

The recent discussion surrounding the alleged XRP ETF from BlackRock came up a few hours after Dark Defender’s post. Industry commentators such as Bloomberg ETF analyst Eric Balchunas have noted that the ETF registration is false.

However, XRP already rode on earlier reports suggesting it was genuine. The asset soared to $0.7481 in response, but quickly dumped when some pundits confirmed the ETF was fake. Despite the dump, XRP managed to close yesterday at $0.6700, above the $0.6649 level.

Nonetheless, with a 0.95% decline this morning, XRP is now back below $0.6649, currently trading for $0.6642. The bulls are looking to leverage $0.6620 at Fib. 2.618 as a support line in case of further drops. Meanwhile, XRP is seeing a rapid surge in volume, up 231% to $3,234,925,412.