Why A XRP Price Breakout Is Imminent
The core of Dark Defender’s analysis is the completion of a five-wave corrective structure, as posited by Elliott Wave Theory. This theory suggests that markets move in repetitive cycles, with the five-wave pattern indicating a correction following a larger trend.
In XRP’s case, the waves numbered (1) to (5) illustrate a complete correction within a larger bullish context. The implication is that the completion of this pattern could lead to the start of an impulsive, upward wave sequence.
On the resistance side, two levels are highlighted. The first is set at $0.5286, which is the 50% retracement level from the previous high. This price point acts as an interim hurdle for XRP’s price, serving as a barometer for short-term sentiment. A more significant resistance is noted at the 70.2% Fibonacci level of $0.6649. A break above this level could be a strong indication of bullish momentum and may attract further buying interest.
The chart also incorporates the Ichimoku Cloud, which is currently acting as dynamic resistance. The Ichimoku Cloud is a multifaceted indicator that provides information on support and resistance, trend direction, momentum, and buy or sell signals. A decisive breakout above the cloud would suggest a change in trend favoring the bulls.
WHAT IS XRP LEDGER (XRP)?
8 months agoDark Defender’s analysis indicates that the combination of a completed corrective structure, a supportive RSI movement, and the challenge of key Fibonacci levels suggests that XRP is primed for an upward trajectory. His closing statement, “And come on, XRP, it is time for you to Move!” encapsulates the anticipation of a bullish phase for XRP in the near future.
