After January it is fun and torment at XRP. With the macro-economic unrest, the digital currency dropped at its low point to a value of $ 1.65, a decrease of more than 51% compared to its local peak only two and a half months earlier. Yet crypto analyst Dark Defender remains optimistic. For example, he is talking about a price of $ 6.60 for the short term. What does he base this prediction on?
Consolidation
Dark Defender bases his analysis on the Elliott Wave theory, a well-known method within the technical analysis that markets describes in cycles of five waves. XRP would now be in Wave 4. He also calls this moment the “Final Consolidation” of the monthly price structure. According to his analysis, the course would take its way for a powerful outbreak, provided that the correct technical levels are respected.
According to the theory, after such a corrective phase, the 5th Golf, often an explosive increase. As soon as this last wave starts, the price could rise towards $ 3.75 according to the analyst, and even in a positive scenario to $ 5.85 or $ 6.60. In the most optimistic scenario, that would mean an increase of around 215%. The XRP rate is currently at $ 2.08.
There is only one
Yet there is no guarantee that everything will go smoothly. For the optimistic scenario it is essential that XRP continues to move over the important support zone from $ 1.21 to $ 1.55. According to the analyst, the positive picture remains intact as long as this zone persists. But if the XRP rate drops below $ 1.21, the Bullish Momentum could disappear, with possibly a sturdy correction towards $ 0.88 or even $ 0.61 as a result. Fortunately, XRP is currently still safe in that regard.
But in recent months we have seen that such a crash can just arise when the trade war between the United States and the rest of the world further escalates. Let’s hope it doesn’t come to that.
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Source: https://newsbit.nl/xrp-koers-staat-op-springen-volgens-analist-pijlen-gericht-op-660/
