Analysts Highlight XRP Final Support Levels, Target $5.85 Once Correction Ends

Analysts Highlight XRP Final Support Levels, Target $5.85 Once Correction Ends

Time Stamp: September 13, 2023 8:30 AM
Source Node: 2268266

XRP is currently trading close to its final support levels amid the recent correction, with a potential to surge to $5.85 once the correction ends, according to notable analyst Dark Defender.

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Dark Defender highlighted the current situation in his latest XRP analysis report on X (formerly Twitter). The analyst leveraged the daily chart to make his projections, building on previous reports on XRP’s movements within three waves.

Wave 1: Upsurge

He pointed out that XRP had previously halted at $0.93 during Wave 1 of its price action. Notably, he had set a target of $1.33 for Wave 1, but when XRP soared on July 13 following the lawsuit victory, it hit a major resistance point at $0.93.

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As previously disclosed by The Crypto Basic, Dark Defender had to revise his targets because of XRP’s inability to claim $1.33 on Wave 1. The new targets were more bullish than the previous ones.

Wave 2: Correction

The analyst noted at the time that, after Wave 1, XRP would slip into Wave 2, which brings a correction to its rally. This projection materialized, with XRP currently 48% down from the yearly peak of $0.93.

XRP remains within the confines of the corrective Wave 2. On Sept. 2, Dark Defender emphasized that the last support points for XRP amid the correction are $0.46 and $0.39. 

In the latest analysis, he confirmed that XRP is hovering around $0.46 following the recent break below $0.50. He says $0.39 is the ultimate safety net in case the bears breach below the $0.46 support threshold. This would mark the end of Wave 2.

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Wave 3: Rally

Dark Defender’s projection suggests that the conclusion of this Wave 2 correction will herald the onset of Wave 3. Wave 3 is expected to usher in a more momentous rally, with ambitious price targets of $1.88 and $5.85 firmly in mind.

Currently trading for $0.4760, XRP would need to increase by 294% to hit $1.88. In addition, a rally to $5.85 would require more effort, necessitating a massive 1,128% surge from $0.4760. Hitting $5.85 would mark a new all-time high for XRP.

Further Insights

Nebraskangooner, a prominent crypto analyst, also recently highlighted XRP’s price movements in a separate development. He cautioned against blindly chasing the market’s upward momentum and emphasized the importance of $0.50 as a critical level.

He advised traders to tread cautiously below this threshold, as venturing below it could be akin to catching a falling knife. Knife catching is an attempt to buy an asset at a very low price, hoping it will immediately rebound. 

The strategy is risky because it involves trying to time the exact bottom of a price drop. This practice could backfire in volatile markets, especially if one mistimes the entry.

Nebraskangooner cautions against buying XRP below the $0.50 zone without a confirmed breakout, as it carries a high level of risk. Instead, he suggests waiting for a clear sign of an upward movement to minimize potential losses. 

The analyst’s chart further highlighted the significance of the region between $0.4695 and $0.4700. This tight range is a key support zone that XRP must defend to prevent further declines. XRP is trading for $0.4760, up 0.65% over the past 24 hours.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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