Cryptocurrency trader Dark Defender has drawn renewed focus from the XRP community with a recent technical analysis shared on social media, highlighting a bullish breakout and a new Elliott W
Cryptocurrency trader Dark Defender has drawn renewed focus from the XRP community with a recent technical analysis shared on social media, highlighting a bullish breakout and a new Elliott Wave projection for the digital asset. The analyst’s 4-hour chart presents a scenario in which XRP could be entering a strong upward phase, with several key price levels mapped out using Fibonacci extensions.
Dark Defender, known for his detailed market analyses, released a chart that identifies an earlier five-wave impulse for XRP, followed by a classic ABC corrective structure. With the correction apparently completed, the analyst suggests that XRP has now started a fresh upward sequence aligned with typical Elliott Wave theory.
A blue path on the chart extends from current prices, projecting a significant move toward an anticipated Grand Wave 3 within this wave count. This projection comes after XRP rebounded from support near $1.05, recovering from the market-wide drop that took place in early June.
XRP began a bullish break on the 4-hour chart, and the path toward the Grand Wave 3 now appears open, according to Dark Defender, who commented, “We are on our way to the Grand Wave 3, baby.”
Key Fibonacci extension levels identified in the chart suggest several major price zones for XRP as buyers seek to sustain recent momentum. The analyst has mapped $1.1090 as the first target, corresponding to the 161.8% extension from the last swing low. Above this level, $1.1305 stands out as the 200% extension.
Further resistance is expected at $1.1663, aligning with the 261.8% extension, while the most ambitious target sits at $1.2265, matching the 361.8% extension. On the downside, critical support levels are marked at $1.0671, $1.0483, and $1.0344, should the price revisit lower areas.
Fibonacci LevelPrice Target161.8%$1.1090200%$1.1305261.8%$1.1663361.8%$1.2265According to the analysis, XRP recently broke above the Ichimoku Cloud on the 4-hour chart, a move often associated with a shift toward bullish momentum. The price is also retesting a long-established resistance trendline, which has acted as a ceiling since June. A confirmed breakout above this trendline could reinforce the upward scenario charted in the Elliott Wave model.
The Relative Strength Index (RSI) adds further weight to the bullish case. Following a drop to oversold conditions in its recent range, the RSI has since recovered and sits above its moving average, signaling renewed upward momentum. This technical shift is marked on the chart by a noticeable green circle around the current price region.
If XRP maintains support above these nearby levels, the analyst maintains a positive outlook, with price action focusing on the major Fibonacci targets that correspond to the projected Grand Wave 3 pattern.
Mini dictionary: Elliott Wave theory — A technical analysis concept describing price cycles in financial markets, based on crowd psychology patterns that form predictable wave structures.
Recent momentum in both price and indicators positions XRP for a potential extended rally, with the Grand Wave 3 trajectory now in focus as long as key support levels hold.
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