XRP Finalizes Correction from $1.9, Poised to Hit $5.8 as 5-Wave Structure Concludes

XRP is on the verge of clinching a new all-time high at $5.8, according to top analyst Dark Defender, who called attention to a 5-wave structure followed by the asset.

Dark Defender lays the foundation of his latest analysis on the extensive correction XRP faced from the $1.96 high. Recall that XRP hit $1.9669 in April 2021 after an impressive rally. However, the asset shed off all the gains in that rally, correcting from the $1.9669 high.

Dark Defender’s chart highlights a 5-wave structure that XRP followed amid the correction, designated Waves A to E. Data from the chart suggests that XRP used 20 months to finalize the correction. Notably, the correction ended with Wave E when XRP slumped to $0.30 in January.

A Second Structure 

Following the end of the correction, the chart shows that XRP embarked on another 5-wave structure, designated Waves 1 to 5. Unlike the previous structure, this new one is bullish, with lofty price projections for the asset.

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According to the analyst, the first wave from this structure resulted in XRP hitting the $0.91 high in July this year. Recall that XRP soared to $0.91 on July 13 on the back of the ruling from Judge Analisa Torres, which declared that the asset was not a security on its own.

However, XRP retraced the gains it had picked up. Interestingly, the asset registered eight weekly losses in nine weeks, from July 17 to Sept. 11. XRP plummeted to the $0.45 level, creating Wave 2. The analyst noted that the asset saw a slight risk to $0.39, marking the final point of the wick.

XRP to $5.8

Now that XRP has completed the corrective Wave 2, Dark Defender projects a bullish future for the asset from Wave 3. He noted that XRP’s price is on the verge of closing above the Weekly Ichimoku Cloud, between the $0.52 and $0.56 price levels.

The analyst asserted that XRP’s price movements would turn bullish when the asset closes a week above this level. He then sets two Fibonacci targets for the upcoming bullish Wave 3. The first target is $1.8815, which he believes will be a crucial resistance to XRP’s pump.

According to him, the $1.8815 point is a significant target that XRP needs to break. Once XRP breaks above this level, Dark Defender believes the asset would then skyrocket to a new all-time high of $5.8563. 

XRP is changing hands at $0.5165 as of press time, down 0.75% over the last 24 hours. Rising to $5.8563 from its current price would necessitate a massive 1,033% increase. It remains to be seen whether this price surge will materialize as predicted.