This article is also available in Spanish.
In a new technical analysis of the price of XRP on the weekly chart (XRP/USD), crypto analyst Dark Defender warns of a possible final major crash. The analysis uses the Elliott Wave theory and dives into the historical and speculative trends of XRP, marked by key price levels and wave patterns.
Final Crash Ahead for XRP Price?
According to Dark Defender, XRP ended its Wave 1 high of $0.9327 in mid-July last year, significantly surpassing the initial targets set when the price was just $0.28. “Those who know, know, that we were targeting $0.89 and above when XRP was at $0.28. However, XRP closed Wave 1 at $0.9327. So, we haven’t decided on that yet, have we? We set limits and goals and see them through. So, right after the first target, XRP started to rally,” Dark Defender noted.
The analysis of the chart shows that after the rise, the price action found a solid base at $ 0.3917, a level close to the touch at $ 0.3814, emphasizing the accuracy of the support levels predicted based on the Elliott Wave theory. “We all knew that our lowest level was $0.3917, which we set. Later, XRP almost directly touched $0.3814. We then emphasized that this area was a Fibonacci low for several times,” said the analyst.
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Going into recent activity, Dark Defender strongly emphasized the $0.6649 mark, describing it as an “unusual” and strongest level. The analyst notes, “And as soon as we see XRP above $0.66, day, week, month, then we will see amazing moves.”
However, the latest weekly Wave indicator gives a red signal, suggesting potential downside pressure. Dark Defender warns investors, “right now, the weekly indicator is giving us a red signal, which could be false but it tells us that, guys, think about the support levels of $0.5286, $0.4850, and the lowest possible $0.3917 as a double dip. .”
Although it is possible to decrease, the probability remains low, according to Dark Defender. “Can XRP touch here again!!! Oh God, yes, but it’s unlikely.” Despite the short-term bearish signal, the monthly wave trend remains green, often exceeding the weekly indicators, suggesting that the red signal may be premature.
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“Although the weekly signals are now red, the monthly trend is green with weekly blooms. This made me think that every week is a false signal at this stage,” explained the analyst, reinforcing the bullish momentum in the long term.
Notably, the wave indicator also gave false signals on the weekly chart during the first wave, confirming the long-term theory of the Dark Defender. He still believes XRP’s Wave 3 “potential targets are at $0.88, $5.85 and $18.22 respectively.”
However, before the price goes up this way, there is one last major resistance. “As long as $0.48 and more importantly $0.3917 is maintained, XRP’s goals are clear, especially after $0.6649. Please don’t look down and think what the hell is $0.66? The little red line. We know, and we see that what’s happening behind. Few people are left on board, we see. But I’m confident, Ripple, and XRP are ahead of us,” he said.
At press time, XRP traded at $0.5302.
The featured image was created with DALL.E, a chart from TradingView.com
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