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Pundits expect XRP to break above its current position, with a prominent market analyst recently setting a March 13 target for the coin’s price to hit the $0.9191 mark.
The Analyst Dark Defender took to X to reveal that XRP has retested previously defined support levels. He noted that XRP has entered into the third wave of an Elliott Wave structure consisting of five waves.
Within this third wave, Dark Defender confirmed that XRP recently hit a resistance level marked by an orange trendline on the mid-level around $0.5972.
With the new expectations, Dark Defender shares the expected targets he wants his more than 103.2K followers and the broader XRP community to watch out for.
XRP Timeline to Hit $0.9191
Since the start of this year, XRP has maintained a price trend below the $0.64 resistance level. However, per Dark Defender’s permutations, the digital currency is on track to hit a target of $0.6462 by March 1.
On a more sustained bull case scenario, the analyst is optimistic that the XRP price will hover around $0.7707 to $0.9191 from 10 to 13 March, 2024. These price targets are quite ambitious considering XRP’s cautious run over the past few weeks.
Per the accompanying chart, the analyst highlighted how the Moving Average Convergence Divergence (MACD) is signaling a crucial trend change. Despite his bullish targets and timeline certainty, the analyst also set key support levels that should be watched out for.
Buongiorno. #XRP visited our support levels and started to form the 3rd Wave by hitting mid-level Orange Resistance.
3rd Wave targets $0.9191.
Expected targets:
$0.6462 on 1-Mar
$0.7707-$0.9191 around 10-13-Mar.
Arrivederci!#ripple pic.twitter.com/t6NTORn5Ar
— Dark Defender (@DefendDark) February 28, 2024
However, the asset also takes a cautious approach, identifying three support levels to watch out for in the event of a downturn. These support levels currently sit at $0.5419, $0.5198 and $0.5066, all above the $0.50 threshold.
Justifying Third Wave Forecast
XRP has not been a particularly impressive asset when it comes to printing a sustained growth trend during the early stages of a bull market. It is not also uncommon to see XRP print a higher correction than its previous pump percentage.
When quizzed by a community member on what he thinks of this trend, Dark Defender noted that following the 140,999% jump the coin recorded in 2017, a correction was imminent. He said the coin has been undergoing this correction for about 6 years.
He said his optimism stems from the understanding that a third wave looks after the first and second waves run their course. While there are many bullish price forecasts for XRP, Dark Defender noted that XRP can move from its current price of $0.5868 to $333 based on Elliott Waves set-up.