The analyst’s bullish outlook is predicated on a potential repeat of the historic 2017 bull run, which saw XRP’s value surge by a staggering 61,000% in just 280 days to an all-time high above the $3 mark.
An influential expert in cryptocurrencies has recently projected that the value of the indigenous token of the Ledger, XRP, might experience an exponentially increasing price to around $18.22, which equally symbolizing a mind-bly representing a mind——-or-so-called 3,200% rise from its current levels
On the social media platform previously known as Twitter but now called X, the well-known anonymous cryptocurrency analyst Dark Defender pointed out that XRP has been holding steady within a range of $0.6649 to $0.33917 for an extended period. Furthermore, he remarked that the Relative Strength Index (RSI) on the weekly chart displayed dips that mirrored the price drops, and it formed a golden cross
As a crypto investor, I’ve noticed that the price level of $0.6649 lies above the weekly Ichimoku clouds, which is an important technical analysis indicator. This means it serves as potential support during downward trends and resistance during upward trends. However, for a bull run to occur, this level needs to be surpassed. Currently, there are two potential support levels below at $0.5286 and $0.4623
According to expert analyst, the cost of XRP is “experiencing a recurring rate hike of 2017,” and could witness a comparable bull charge that would witness the $18.22 symbol as its peak target of Wave 3
It’s been quite some time since XRP has been holding steady between approximately $0.66 and $0.39. In the long-term chart, the Relative Strength Index (RSI) has been forming dips in tandem with price dips. A ‘golden cross’ pattern has emerged on the weekly RSI. We’ve repeatedly highlighted the significance of the $0.66 level, and this is where— Dark Defender (@DefendDark) September 2, 2024
The analyst’s optimistic viewpoint is based on the possibility of another occurrence similar to the remarkable 2017 bull run, during which XRP‘s value skyrocketed by an astounding 61,000% in just 280 days, reaching a record high above $3
The expert in question employed Elliott Wave Principle, a method commonly utilized by traders for studying patterns within financial market fluctuations and predicting future trends. This concept was originally conceived by Ralph Nelson Elliott towards the end of the 1930s
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2024-09-06 01:22