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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

XRP Price Set To Hit $1 In March: Crypto Analyst

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

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In a recent technical analysis update, the crypto analyst known as Dark Defender provided insights into the price movements of XRP against the US dollar. The analyst employs the Elliott Wave Theory to dissect the price movements of XRP. This approach, rooted in the psychological patterns of market participants, illustrates price trends through a distinct 5-3 wave cycle.

This includes five waves following the primary trend direction and three corrective waves. According to Dark Defender, XRP is exhibiting an uptrend since January of 2023, undergoing an “ABC” correction phase from November 2023 to February 2024. This phase set the stage for a new bullish wave sequence.

Hi all. I hope you had a great weekend.

Let's first check our previous pattern & update it.#XRP strolling strictly around our Fibonacci level at $0.6462. The lines are clear & accurate.

Checking MACD, Ichimoku & RSI indicators, XRP is expected to continue the uptrend as we… pic.twitter.com/fetf2IH7nl

— Dark Defender (@DefendDark) March 4, 2024

XRP Price Eyes $1 By End Of March

The current market dynamics of XRP are encapsulated in a wave pattern marked from (1) to (4), as per Elliott Wave principles. The initial wave peaked on February 16, 2024, reaching close to $0.58, showcasing a strong market sentiment as the subsequent second wave’s retracement was modest, halting at $0.525 rather than fully reverting to the starting point of wave (1).

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XRP is currently navigating through Wave (3), which is often the longest and most powerful, indicating a potential surge towards the $0.81 mark. The forthcoming Wave (4) is expected to be corrective, with a projection of a dip to around $0.75, leading into a final thrust in Wave (5) targeting the $0.9191 to $1 range by late March.

Notably, Dark Defender’s analysis also incorporates Fibonacci retracement levels, further refining the predictive accuracy by identifying potential market support and resistance points. The price of XRP has recently surpassed a significant resistance level, which was previously identified as a downtrend line (red) stemming from point (B) on the chart.

This breakout indicates a strong bullish signal, as the resistance turned into a support level. Dark Defender highlighted that the resistance has been “Eliminated,” suggesting that prior price ceilings are no longer restricting upward movement.

However, a notable challenge lies ahead with the 161.8% Fibonacci level at $0.6462, which has already repelled the price on several occasions. Overcoming this barrier is crucial for sustaining Wave (3)’s momentum. The analysis forecasts an ambitious breach above the 261.8% Fib level at $0.7707 during Wave (3), albeit with an anticipated correction below this threshold in Wave (4), using the November 2023 high as a pivotal support marker.

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For traders, these insights underscore the importance of monitoring Fibonacci levels and wave patterns to gauge future movements. Nonetheless, the subjective nature of wave analysis necessitates corroborative evidence from other technical indicators for a holistic market outlook.

To this end, Dark Defender has referenced additional technical tools, including the Moving Average Convergence Divergence (MACD), the Ichimoku Cloud, and the Relative Strength Index (RSI). Although the analysis does not visually detail these indicators, the commentary suggests that all three support a continued bullish trend for XRP, reinforcing the prediction of an ongoing uptrend. He stated, “Checking MACD, Ichimoku & RSI indicators, XRP is expected to continue the uptrend as we predicted.

At press time, XRP traded at $0.65216.

XRP price
XRP price, 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

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