Crypto analyst Dark Defender has published a roadmap for XRP, predicting the token's path from current price levels to an ambitious target of $5.85, supported by technical indicators.
According to his analysis, the current movement of XRP corresponds to the classic five-wave Elliott model, often indicating strong upward trends.
XRP price analysis. Source: DarkDefender/X
In wave (1), XRP formed an initial bullish impulse with significant upward movement, followed by wave (2), or a corrective consolidation phase, which formed a triangular pattern.
This consolidation phase has been ongoing since mid-2023, indicating an accumulation zone before a potential breakout.
The next phase wave (3) is usually the longest and most powerful in the Elliott Waves sequence, during which XRP is expected to break out of the consolidation pattern.
If successful, wave (3) will target the mark of $1.88, the Fibonacci extension level of 161.80%. This level acts as key resistance, coinciding with the upper boundary of the Ichimoku Cloud at $0.6649.
A breakout above the cloud is a strong bullish indicator, signaling a potential trend reversal and a shift in momentum to the upside. This breakout will confirm the transition from consolidation to a stronger upward trend.
Upon reaching the level of $1.88, wave (4) may include a corrective pullback, allowing XRP to establish support before continuing its upward movement.
The final phase, wave (5), is projected to bring XRP to the Fibonacci extension level of 261.80% at $5.85, marking the completion of the five-wave cycle. If this target is reached, it will signal a full bullish progression and a potential new high for XRP.
The weekly relative strength index (RSI) of XRP partly confirms this forecast and shows signs of a 'golden cross', indicating increasing bullish momentum and strengthening the case for a sustainable breakout through resistance.
Despite the overall bullish technical structure, XRP needs to recover and stay above the critical support line at $0.6. Achieving this will strengthen the token's upward trajectory.
