Over the past 24 hours, XRP has experienced a slight decline, retracing toward the support level near $2.28 observed in recent days. Nevertheless, a longer-term technical analysis, particularly on the six-month chart, indicates the onset of a significant breakout with the potential to propel the price up to $74. According to crypto analyst “Dark Defender,” XRP has successfully surpassed the multi-year downtrend resistance dating back to 2018, referred to as the ‘ultimate resistance.’ This breakout occurred in the second half of 2024, marked by a strong bullish candlestick, signaling the beginning of the third and most robust wave (Wave 3) as per Elliott Wave Theory.
Dark Defender further explains that XRP completed Waves 1 and 2 between 2022 and mid-2024, setting the stage for a powerful third wave that is expected to drive substantial price appreciation. Fibonacci extension levels suggest this wave could push XRP’s price to approximately $18.22, where a brief corrective phase (Wave 4) is anticipated before the final sharp ascent. Beyond this point, the analyst projects that the fifth wave’s conclusion could see XRP’s price range between $66.96 and $77.70.
This technical forecast envisions the completion of all five Elliott waves by 2027-2028, a period during which XRP’s price may experience historically rapid growth. The analysis also emphasizes that intermittent minor corrections will likely occur amid the overall upward trajectory. To sustain the bullish trend from current levels, maintaining support at $2.2222 and $1.8815 remains crucial. At present, XRP is trading near $2.30, reflecting a 2% decrease over the last 24 hours.
For a comprehensive overview, the full report is available here: https://bitcoinist.com/xrp-price-could-reach-74/
