XRP has faced persistent downward pressure for several months, challenging the resolve of investors who entered at higher price levels. Despite this extended correction, crypto analyst Dark D
XRP has faced persistent downward pressure for several months, challenging the resolve of investors who entered at higher price levels. Despite this extended correction, crypto analyst Dark Defender has urged market participants to remain calm, emphasizing that such patterns are part of larger market cycles.
Sharing insights on social media, Dark Defender outlined his Elliott Wave analysis for XRP on the weekly chart. He described the recent decline as Wave 2 in an ongoing bullish cycle, observing this phase as a necessary correction designed to remove weaker holders prior to a potential upward surge.
According to Dark Defender’s technical breakdown, the correction may have already completed its course. His chart suggests an A-B-C corrective structure: Wave (A) bottomed near $1.8, Wave (B) rebounded toward the all-time high at $3.65, and Wave (C) brought the price down to roughly $0.95. This recent low is considered the foundation for the next upward movement.
The turbulence in recent months corresponds to Wave 2, which was anticipated in advance; the structure remains unchanged, but those holding XRP have shifted. A move above $1.5692 will indicate the start of Wave 3.
From that base, Dark Defender counted Wave (1) ending with XRP climbing to $1.68 in late August, followed by a Wave (2) pullback to the $1.29 area. XRP is currently trading near $1.37, leaving it just under a critical resistance level.
Dark Defender has identified $1.5692 as the decisive point for the next upward phase. This level aligns with the 85.4% Fibonacci extension, and a sustained move above it would mark the official start of Wave 3 in the Elliott Wave sequence.
Typically in Elliott Wave theory, Wave 3 tends to be the longest and strongest in a five-wave structure, making the $1.5692 level particularly significant for traders and analysts.
Dark Defender’s chart offers a set of Fibonacci-based targets for the anticipated move. Wave (3) targets the 361.80% extension at $7.0786. If achieved, a subsequent retracement in Wave (4) could bring XRP back to around $4.1043. The analysis then maps Wave (5) to a 427.20% extension, setting a target near $10.1101.
Momentum indicators appear to support this outlook. The weekly RSI has rebounded from deeply oversold territory and continues to advance without yet reaching overbought conditions, suggesting further room for upside.
Wave 3 is expected to be the most forceful phase in the sequence, and a close above $1.5692 would confirm its onset, with targets mapped through Fibonacci extensions.
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