- A crypto expert predicts a bullish XRP trend after an Elliott Wave correction, with potential targets of $1.88 and $5.85.
- Technical indicators, like MACD and RSI, support a bullish outlook for XRP.
- XRP has support at $0.45 and resistance at $0.55; a move above $0.55 could confirm the bullish scenario.
XRP is making waves in the market as a prominent crypto analyst known as Dark Defender predicts a bullish trend after a completed Elliott Wave correction. This prediction has captured the attention of investors and enthusiasts alike, with potential targets set at $1.88 and an astonishing $5.85.
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Dark Defender recently shared insights on X, highlighting XRP’s successful completion of a 5-wave Elliott Wave correction after reaching its peak at $1.966.
Source: Dark Defender
This correction signifies the end of a bearish phase and the initiation of a promising new impulsive Wave 3. Investors are now watching closely for the suggested targets of $1.88 and $5.85, based on Fibonacci extensions.
Supporting this bullish outlook are vital technical indicators. While the Moving Average Convergence Divergence (MACD) histogram bars show a decline, they remain firmly in positive territory, indicating a slowdown in momentum but not a shift to bearish sentiment. Furthermore, the MACD line maintains its position above the signal line, reaffirming a bullish alignment.
The Relative Strength Index (RSI) currently rests around 50, signifying a cooling-off period after leaving the overbought territory. Its position in neutral territory suggests room for a potential climb, hinting at forthcoming gains for XRP.
Regarding support and resistance levels, XRP finds initial support at $0.45 and a significant hurdle at $0.55, which previously served as strong support. A breakthrough above $0.55 would validate Dark Defender’s bullish perspective and set the stage for a retest of the $1.90 mark.
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