Dark Defender, a crypto analyst who often post viral XRP price predictions, posted a viral chart again yesterday. According to the analysis, XRP is currently testing a crucial blue support line at $0.4864, just above the $0.4850 mark.
This level is particularly significant, as maintaining position above it for three consecutive days could trigger a bullish movement toward the $0.66 resistance level, which corresponds to the 70.20% Fibonacci retracement. However, if the price breaks below $0.4864, traders should watch for a potential drop to $0.3917, marking the 23.60% Fibonacci level.
The chart’s most intriguing feature is the orange resistance line, which serves as a primary barrier. Breaking above this resistance could mark a decisive moment for XRP’s price action. The analysis suggests that once this line is breached, a strong bullish momentum might follow, with key Fibonacci levels at $0.6649 (70.20%) and $1.8815 (161.80%) serving as potential targets.
Source: X/@@DefendDark
The analysis indicates that XRP is following a 5-wave Elliott Wave structure. Currently positioned in what appears to be Wave 2 (corrective phase), the asset could be preparing for Wave 3 – typically the strongest and longest impulse wave in the pattern. If this structure holds, price targets of $1.88 and potentially $5.8563 (261.80% Fibonacci level) could come into play.
Read also: XRP Hidden Indicator: The Ripple Token Could Rally Soon
Supporting this outlook, the Ichimoku Cloud indicates XRP is in a consolidation phase. A breakout above both the cloud and the orange resistance line could provide additional confirmation of the bullish scenario. However, traders should note that maintaining position above $0.4864 remains crucial for this bullish outlook to remain valid.
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