Why XRP Looks Still ‘Super Bullish’
According to Dark Defender, the XRP price is currently determined by three trend lines. Two of these trend lines form a symmetrical triangle pattern, while the third—a downward-sloping orange line—represents a long-term downtrend that XRP has recently broken above on the monthly chart. The symmetrical triangle, formed by two converging trendlines, shows a 4-year long period of consolidation. This pattern is generally considered a continuation pattern, meaning that the price is likely to continue in the direction of the existing trend upon breakout. In XRP’s case, the price has tried to break to the upside several times – thus far without success.
The third trendline, the downward-sloping orange line, has been acting as a significant resistance level for XRP since summer 2021. The fact that XRP has broken above this long-term downtrend line on the monthly chart is a strong bullish signal. This breakout suggests a shift in market sentiment from bearish to bullish, potentially leading to substantial price appreciation.
Integral to Dark Defender’s analysis is the application of Elliott Wave theory to XRP’s price action. The chart shared by the analyst displays an Elliott Wave count that suggests XRP is poised to enter a Wave 3 impulse move, historically the most powerful and extended wave in the five-wave trend sequence.
In this context, the analyst believes that XRP has completed Wave 2—a corrective phase characterized by downward price movement—and is now embarking on Wave 3. This wave is often marked by strong momentum and increased market participation, potentially explaining the anticipated surge above $5.85.
Ultimately, Dark Defender contends that XRP’s price action is largely independent of external news events, including developments related to the SEC lawsuit against Ripple. While acknowledging that such news can have a minor impact, the analyst argues that technical patterns and indicators hold more sway over XRP’s movements.
“As most expected, nothing happened after the appeal decision. XRP just were at the Ichimoku clouds top around $0.60+ levels and bounced back from there to $0.50+. I am Bullish; why? As I always highlight, XRP does not follow any news such as SEC. OK, they have a minor impact, but that’s it,” Dark Defender notes.
Based on the technical factors outlined—including the breakout above the long-term downtrend line, the significance of the symmetrical triangle, the importance of the Heikin Ashi monthly average price, bullish signals from the MACD, and the Elliott Wave count—Dark Defender is “super bullish” on XRP. The analyst anticipates that the asset will follow historical patterns leading to a price exceeding $5.85. At press time, XRP traded at $0.53.
