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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Analyst Predicts XRP Price To Hit $1.03 Soon, Warns Of Initial Dip

Jake Simmons
Jake Simmons
11 months ago
3 mins read
XRP price prediction

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The XRP price has staged an impressive rally in recent days, but this came to an abrupt end yesterday. After rising to as high as $0.6378, it plummeted by more than 11% temporarily. Nevertheless, the popular crypto analyst Dark Defender (@DefendDark) remains bullish in the short-term, even if the dip could widen further in the short term.

XRP Price Could Eclipse The $1 Mark Again

According to him, the XRP price is in a promising short-term uptrend towards the $1.03 mark. This analysis is based on the 4-hour timeframe and shows a complex interplay of market dynamics and technical patterns that suggest a bullish outlook for the cryptocurrency.

The chart shared by Dark Defender shows XRP’s significant rally, marked by a 67.56% increase from a low of $0.3814 to a recent high of $0.6378. The forecast uses Elliott Wave Theory and Fibonacci retracement levels to predict the price target. Both technical analysis tools are often used to predict potential price levels based on past market behavior.

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

Elliott Wave Theory, which forms a central component of Dark Defender’s analysis, posits that market prices unfold in specific patterns, called waves, that are repetitive in nature. According to this theory, a typical cycle includes eight waves—five in the direction of the prevailing trend followed by three corrective waves, which Dark Defender identifies on the XRP chart.

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The impulse sequence observed in XRP’s recent uptrend consists of five upward waves labeled (1) through (5). This sequence shows a strong bullish move from the local low to yesterday’s high. Each wave peaked higher than the last, reflecting increasing optimism among investors.

Following the impulse, the chart delineates an ABC corrective pattern, which is characteristic of a temporary reversal in price following the rapid gains of the impulse waves. Wave A signifies the initial drop from the peak, wave B reflects a partial retracement upwards, and wave C, which is anticipated but not yet completed, typically falls below the end of wave A, indicating a further potential decrease in price.

Dark Defender’s chart marks the beginning of this corrective phase, suggesting that wave C could bring the price down to around $0.499 before the market resumes its upward trajectory. “The ABC wave can take 2 days to complete & can extend to $0.499,” the crypto analyst noted.

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To complement the Elliott Wave analysis, Dark Defender employs Fibonacci retracement levels, which are drawn between the recent low and high points on the chart to predict potential support and resistance levels. Notably, a 261.8% extension level at $0.5891 is highlighted as an interim resistance point. Further extensions, like a 161.8% level at $0.8763, serve to identify additional barriers the price might test if the bullish momentum continues.

However, Dark Defender’s short-term price target is significantly higher. According to him, XRP could revisit the $1 mark, which was narrowly missed after the summary judgment in the Ripple vs. SEC case in mid-July last year. “Minor resistance at $0.87 before $1.03. I’ll make sure to keep you posted,” the analyst wrote.

Moreover, the chart features an Ichimoku Cloud, indicating that the current price is above the cloud, which is traditionally interpreted as a bullish signal. This suggests that despite the expected corrective dip, the overall market conditions favor a bullish outlook in the short-term.

At press time, XRP traded at $0.58.

XRP price
XRP needs to close above the trendline, 1-week chart | Source: XRPUSD on TradingView.com
Featured image created with DALL·E, 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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