In accordance with the broader trend of the market, the XRP price is down almost -35% from its mid -January summit at $ 3.40, but according to analyst Dark Defender (@Defenddark), the downward trend could soon reach its conclusion. In his latest technical analysis, he strengths That XRP finalizes an ABC correction model on the daily delay, supported by the fact that the relative force index (RSI) addresses the conditions of occurrence. This could indicate an imminent tendency reversal leading to a new structure of upward waves.
Correction ABC is a standard model in the theory of Elliott waves, representing a three -wave corrective movement following an impulsive rally. The wave has generally initiated the first drop, the B wave sees a temporary rebound and the C wave marks the last step, often establishing a significant background. In the case of XRP, Dark Defender’s graph suggests that the wave is being completed, which means that the assets could soon be ready for a new impulsive rise trend.
Where is the XRP price which then goes?
From a technical point of view, XRP addresses the main levels of support between $ 1.88 and $ 1.91, which could act as a solid base for a reversal. If the price action confirms a background around this area, the next phase could involve an increased break targeting several important levels of resistance. The first key resistance is at $ 2.44, which should be broken to confirm a change of trend. Above this, the $ 2.99 zone becomes a critical obstacle before a potential rally to $ 5.85, an aligned level with Fibonacci extensions.
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Looking at additional indicators, the RSI on the daily time comes to surveillance conditions, a historically reliable signal which suggests that the sale of the momentum could soon run out. A lively rebound in this area would strengthen the case for a bullish reversal. In addition, the graph shows that XRP has formed a descending corner modelA structure which is generally associated with upward eruptions. A decisive movement above the area of resistance trend in the area could provide the necessary confirmation for the start of a new Elliott wave cycle.
Dark Defender projects that, once the correction phase is complete, XRP could start an impulsive structure with five waves targeting an evolution around $ 3.00 in wave 1, followed by a brief decline before a prolonged rally to $ 5.00 to $ 5.85 in wave 3. Subsequent consolidation in wave 4 would then set up a final level around 8.00 The level of 2.618 Potential long -term target.
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For merchants who look at XRP prices, resistance levels of $ 2.44 and $ 2.99 will be critical. An escape above these areas would confirm the start of an increased trend, while not holding the support range from $ 1.88 to $ 1.91 could point out a risk of additional drop. With momentum indicators pointing towards exhaustion sales pressureA reversal seems more and more likely, which makes it an important period for the structure of the XRP market.
“XRP is about to finalize the ABC correction model within the daily time, given the lowest RSI figures. RSI is close to the occurrence area. The expected first wave will be around $ 3, and our goal will be between $ 5 and $ 8, with the 3-5 wave, “concludes Dark Defender.
At the time of the press, XRP exchanged $ 2.21.
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