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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

XRP Price Correction Is Over, Targets Set By Top Crypto Analysts

Jake Simmons
Jake Simmons
1 year ago
2 mins read
XRP price

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The XRP price has risen by around 6% in the past three days, triggering renewed optimism among investors and analysts. The two analysts Dark Defender and Egrag see the current trend as a turning point.

XRP Price Correction Over?

Dark Defender has highlighted a key development in the 4-hour time frame, observing the end of a corrective structure and identifying that XRP has reached an oversold area. “We can expect a move to $0.6649 first,” Dark Defender stated, referencing the Fibonacci retracement levels and a 5 Wave Elliott structure that remains intact, suggesting upward potential.

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This is supported by the chart that shows XRP has managed to close above a critical level at $0.6131, which aligns with the Elliott Wave Theory’s rules for wave structures. The analyst further emphasized that the $0.87-$1.05 price target is still achievable in the near term if weekly closes maintain above the $0.6131 threshold.

XRP price analysis
XRP/USD, 4-hour chart | Source: X @DefendDark

Egrag’s analysis focuses on the gaussian channel and a symmetrical triangle pattern (in the 5-day chart), which are indicative of consolidating markets leading to a potential breakout. According to Egrag, “XRP Gaussian Channel & Symmetrical Triangle Unveil (Strong Support and Resistance Patterns): Within the framework of the Gaussian Channel, the alignment of support and resistance price targets mirrors other charts, adding weight to their significance.”

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The provided chart by Egrag points to a “robust support” at $0.50, with additional support levels at $0.54-$0.55 (“support range”) and $0.60 (“support threshold”). The resistance levels are identified by Egrag at a macro resistance point and a symmetrical triangle trend line between $0.83 and $0.85. Egrag advises the XRP community to remain steadfast, saying, “XRP Army STAY STEADY, anticipate the forthcoming mega pump, yet exercise caution by strategically allocating portions of your holdings.”

XRP price analysis
XRP/USD, 5-day chart | Source: X @egragcrypto

Combining these technical analyses, it’s clear that both analysts are pinpointing a convergence of technical indicators suggesting a bullish reversal for XRP. Dark Defender’s chart analysis, with its emphasis on Elliott Wave continuation, and Egrag’s identification of Gaussian Channel patterns, both point to a potential increase in the price, provided it remains above certain support levels.

Price Analysis: 1-Day Chart

The analysis of the 1-day chart of XRP using the Fibonacci retracement level shows that the price is facing strong resistance in the short term.

At the current price of $0.6194, XRP is just below the 0.382 Fibonacci retracement level at $0.627 and below the 20-day Exponential Moving Average (EMA) at $0.625. The confluence of these two indicators represents significant resistance in the short term. Remarkably, XRP has received important support at the 50-day EMA at $0.591, which could allow the bulls to regain the upper hand.

For this to happen, however, resistance at $0.625 needs to be broken. The next price targets could then be the 0.5 Fibonacci retracement level at $0.688 and the 0.618 Fibonacci retracement level at $0.759, which abruptly halted the upward movement that began in early October and ushered in the current consolidation.

XRP price
XRP price hovers below the 0.382 Fib, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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