Market Analyst Dismisses XRP FUD, Maintains $5.85 XRP Price Target

Renowned market analyst Dark Defender has dismissed circulating FUD surrounding XRP price movements, maintaining his ultimate price target of $5.85.

“I don’t listen to FUD,” the analyst said in his latest XRP report on X. He further called attention to previous analyses he had made on XRP, emphasizing that the altcoin is still following the laid out directions and moving according to plan on the weekly timeframe.

Dark Defender’s post highlighted his extensive analysis on XRP based on its weekly price action with the help of a 5-wave Elliott Wave structure. The analyst started his projections in June. In his initial setup on June 4, Dark Defender predicted that XRP would rally to $0.94.

This forecast came up when XRP price still traded at $0.52. According to the analyst, Wave 1 could take XRP up to the $0.89 territory. The prediction materialized when XRP rallied to a high of $0.93 on July 13. This price action completed the Wave 1 formation.

After the completion of Wave 1, Dark Defender forecasted that Wave 2 would bring about a correction phase. Amid the retracement that followed the price pump to $0.93, the analyst revealed in a Sept. 13 analysis that XRP would find a floor at the $0.46 price support.

XRP Still Targets $5.85

XRP eventually finalized the Wave 2 correction after hitting the $0.46 support. The crypto asset is now on the Wave 3 path, and Dark Defender believes its next targets are $1.88 and $5.85. However, due to XRP’s underperformance over the past few weeks, investor optimism has waned.

As a result, several community members have cast doubt on these price projections, leading to what Dark Defender describes as FUD. His recent analysis aimed to remind his audience that he had accurately predicted XRP’s previous price movements, and that the asset is still following the plan.

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He identified an orange descending trendline that has impeded XRP’s upsurge since June. According to the analyst, XRP would witness its price uptrend once it breaks above this trendline and conquers the major resistance point at $0.6649.

XRP currently trades for $0.6157, up 0.97% over the past 24 hours. Amid its dull performance, the asset was recently relegated to sixth on the list of largest crypto assets, as Solana (SOL) recently surpassed its market cap amid a 12% upsurge in the last 24 hours. Despite this situation, analysts have advised patience.

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• Source: https://thecryptobasic.com/2023/12/21/market-analyst-dismisses-xrp-fud-maintains-5-85-xrp-price-target/?utm_source=rss&utm_medium=rss&utm_campaign=market-analyst-dismisses-xrp-fud-maintains-5-85-xrp-price-target