🚀💥 XRP Price Explodes 20%, Shattering 3-Month High, Analyst Predicts Further Gains 💥🚀
XRP smashed its three-month high, jumping 20% in one day to $0.6366. Analyst Dark Defender forecasts a retracement to $0.499 before a rally to $1.03, citing an ABC wave pattern.
XRP is in the midst of a correction, losing 5.5% in the last 24 hours.
In a dramatic reversal, XRP hit its highest level since April, surging by an impressive nearly 20% in a single day to $0.6366. This remarkable rally marks a significant milestone for this cryptocurrency, which lagged behind its peers earlier this year.
XRP's comeback has generated considerable interest among crypto enthusiasts, with seasoned market observers predicting further gains. According to analyst Dark Defender, XRP's recent move is far from over.
In a post on X earlier today, Dark Defender noted that XRP is now forming an ABC wave pattern following its surge. According to this assessment, he expects XRP to pull back around $0.56 in the near term, marking a pause in its upward trajectory. However, this retracement will likely be followed by another brief recovery to $0.62 as the ABC wave pattern continues to develop.
“Hello everyone,#XRPincreased by 67.56% from $0.3814 to $0.6378. Based on this move, the structure update on a 4-hour time frame is here. ABC wave may take 2 days to complete and may extend to $0.499 Minor resistance at $0.87 before $1.03. Have a nice day! tweeted Dark Defender on July 18, 2024.
The analyst predicts that XRP will eventually see a major decline to $0.499, which marks the final bottom of the forming wave pattern. This would represent a significant correction from its recent highs and could present a buying opportunity for investors believing in XRP's long-term potential.
At the time of writing, the projected price correction is already underway, with a decline of over 5.5% in the last 24 hours, with XRP trading at $0.5825. Meanwhile, the analyst sees this retracement as potentially setting the stage for much higher price targets.
The analyst identified $0.87 and $1.03 as targets to watch, suggesting that XRP could continue to climb in the days to come.
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