A popular cryptocurrency analyst has recently predicted that the price of the native token of the XRP Ledger, XRP, could see an exponential price rise to the $18.22 mark, which would represent a staggering 3,200% rise from current levels.
On the microblogging platform X (formerly known as Twitter), popular pseudonymous cryptocurrency analyst Dark Defender noted that XRP has been consolidating between the $0.6649 and $0.33917 for a “long time,” and added that its Relative Strength Index (RSI) on the weekly time frame saw “dips formed parallel with the price dips,” and formed a golden cross.
The $0.6649 level, he added, is above the weekly Ichimoku clouds, referring to a technical analysis indicator used to show support and resistance levels, momentum, and trend direction. Before a bull run, it needs to be surpassed, he said, while support sits at $0.5286 and $0.4623.
Per the analyst, the price of XRP is “having a déjà vu of 2017,” and could see a similar bull run that would see the $18.22 mark become the upper target of its Wave 3.
It has been a long time since #XRP has been consolidating between $0.6649 & $0.3917.In the weekly time frame, RSI dips formed parallel with the price dips. Weekly RSI golden cross is in place.We have consistently emphasised the importance of the $0.6649 level. This level,… pic.twitter.com/qom6EF5IC3
— Dark Defender (@DefendDark) September 2, 2024
The analyst’s bullish outlook is predicated on a potential repeat of the historic 2017 bull run, which saw XRP’s value surge by a staggering 61,000% in just 280 days to an all-time high above the $3 mark.
In his analysis, the analyst used Elliott Wave Theory, a form of technical analysis that traders use to analyze financial market cycles and forecast market trends. Ralph Nelson Elliott developed it in the late 1930s.
The theory suggests that markets move in repetitive cycles, which Elliott called “waves.” These waves are the result of investor psychology and can be identified in both upward and downward market trends. He has in the past used it to predict XRP would run up to the $18 mark.
Featured image via Unsplash.
