thecryptobasic.com
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.