XRP has shattered its three-month high, surging 20% in a day to reach $0.6366.
Analyst Dark Defender predicts a retracement to $0.499 before a rally to $1.03, citing an ABC wave pattern.
XRP’s price correction has already begun, losing 5.5% in the last 24 hours.
In a stunning reversal, XRP has smashed its three-month high, soaring nearly 20% in a single day to reach $0.6366, a level not seen since April. This impressive rally marks a significant milestone for the cryptocurrency, which had been lagging behind its peers earlier this year.
XRP’s comeback has ignited significant interest among crypto enthusiasts, with seasoned market watchers forecasting further gains. According to analyst Dark Defender, XRP’s recent move is far from finished.
In an X post earlier in the day, Dark Defender noted that XRP is now forming an ABC wave pattern following its surge. Under this assessment, he expects XRP to retrace to around $0.56 in the short term, marking a brief 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.
Hi all, #XRP increased 67.56% from $0.3814 to $0.6378. Based on this move, the 4-hour Time Frame structure update is here.The ABC wave can take 2 days to complete & can extend to $0.499Minor resistance at $0.87 before $1.03I'll make sure to keep you postedHave a great day! pic.twitter.com/kUnPAvtExX
— Dark Defender (@DefendDark) July 18, 2024
The analyst predicts that XRP will eventually experience a major dip to $0.499, which marks the last low of the forming wave pattern. This would represent a significant correction from its recent highs and could present a buying opportunity for investors who believe in XRP’s long-term potential.
As of press time, the projected price correction is already underway, with XRP down over 5.5% in the last 24 hours, 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 may continue to climb in the coming days.
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