XRP is making headlines again as it embarks on Wave 3 of its price movement, targeting an ambitious $1.88 from its current standing at $0.56. This projection comes after successfully achieving a previous goal of $0.89 in its first wave, starting from a modest $0.27, despite widespread doubt at the time. The success of Wave 1 has bolstered the confidence of analysts who set the stage for another potential rally.
Dark Defender, a prominent market expert and analyst, shared an X post highlighting XRP’s ambitious journey.
The critical price level for XRP remains at $0.6649, serving as a key indicator of the digital currency’s momentum. Surpassing this threshold could validate the bullish forecast and pave the way toward the targeted $1.88. Moreover, Dark Defender has identified a pattern indicating that Wave 3 might not only reach but could extend towards an even more optimistic median and second target of $5.85.
Weekly Heikin-Ashi candles, noted for their use of average prices, suggest that a significant move could be on the horizon within the next few weeks. Combined with a close analysis of support and resistance levels, this technique has contributed to precisely forecasting XRP’s price movements. Additionally, the persistence of “noise” or skepticism in the market mirrors the atmosphere during Wave 1’s prediction, yet the outcome of that phase has lent credibility to the current projections.
XRP’s current market outlook shows a downtrend as the digital asset faced stiff resistance at the $0.5700 level. XRP has been trading in the negative region in today’s session, correcting the recent ascending pattern that has been forming over the past week. XRP rose from the $0.5200 range and has been on an upward trajectory, climbing to a new monthly high at $0.5700, recording an increase of 6% on the weekly timeframe.
However, today the bears have been persistent pushing XRP down to the current price of $0.5606, which amounts to a decrease of 1.93% in the past 24 hours. The downtrend is attributed to the decrease in the daily trading volume, which has seen a significant decrease of 34%. The decrease in the daily trading volume suggests a lack of buying pressure as sellers overcome the buyers.
On the technical outlook, XRP shows a bullish bias as major indicators show an upward trajectory on the daily chart. The Relative Strength Index is at the 60 index, just below the overbought region, suggesting that the price could rally high if the buying pressure returns. The Moving Average Convergence Divergence displays a decrease in the bullish momentum as the green bars decrease in size and fade away. Despite the XRP showcasing bullish signs, if the bearish activity takes hold, XRP could face a bearish reversal in the short term.
