[ccpw id="5"]

HomeCoinsXRP Correction Continues: Elliott Waves Theory Predicts Wave 2 At $0.38

XRP Correction Continues: Elliott Waves Theory Predicts Wave 2 At $0.38


Since reaching its yearly high of $0.5842 on March 29th, XRP has experienced a significant price drop. The token has lost its bullish momentum and failed to breach higher levels, disappointing investors who were optimistic about the uptrend of one of the largest cryptocurrencies in the market.
It is worth noting that XRP’s recent price drop is part of a wider market correction affecting the entire cryptocurrency market. Despite this, trader and crypto analyst “Dark Defender” believes that there is still further correction ahead for XRP.

No Signs Of Recovery For XRP?
On April 1st, Dark Defender made a bold prediction for the price of XRP based on Elliott Waves theory. According to Dark Defender, the token completed its first wave (W1) at around $0.59 and is expected to enter a second wave (W2) that will find support between $0.48 and $0.38.

As of now, there have been no changes to Dark Defender’s prediction, and XRP remains in correction unless it breaks its resistance level of $0.59 and stays above it for three consecutive days. Dark Defender has provided a list of support levels for XRP, including $0.4812, $0.45544, $0.42044, and $0.38813. The analyst believes that XRP will finish this last correction at one of these levels before targeting the $3 mark. 
Furthermore, the analyst has provided a bullish prediction for XRP’s future, stating that the third wave (W3) of this structure is expected to reach between $2 and $3.47 by the end of this year. However, this wave 3 above $1.33 will be the predecessor of the Grand Wave 3. In scenario 2, Dark Defender predicts that XRP will continue to rise in value.
As of this writing, XRP is currently trading at $0.4582, which represents a drop of over 2.6% in the last 24 hours. On wider time frames, the token has recorded significant drops of 11% and 9.2% in the seven and fourteen-day time frames, respectively. This means that if Dark Defender’s prediction is correct, XRP may still have plenty of downtrends to experience, potentially reaching the lower lows of March 21st at $0.380.
XRP’s Wide Adoption Continues To Increase
XRP has been gaining traction in recent months, with its unique utility in cross-border payments attracting attention from financial institutions and investors, which has been raising with its continuous innovations to provide a better service to its users. 
According to pro-XRP lawyer John Deaton, Uphold, a digital platform that allows users to buy, sell, and hold various cryptocurrencies and traditional currencies, currently holds $1.04 billion in XRP, making XRP the single largest asset holding on the platform. This amount is significantly greater than Uphold’s Bitcoin holdings, which currently stand at $131 million.
In addition, the token volume accounted for 28.33% of total transactions on Uphold’s platform. This indicates a growing demand for XRP among Uphold’s user base and suggests a positive outlook for the cryptocurrency’s future growth and adoption.

Featured image from Unsplash, chart from TradingView.com 


Bitcoin Rally Hopes Still Alive, If This Metric Is To Go By

If the historical pattern in this on-chain indicator is anything to go by, hopes for the continuation of the Bitcoin rally may still be alive. Bitcoin...

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

In a recent podcast appearance, Arthur Hayes, the former head of BitMEX, delivered a sobering prediction about the largest cryptocurrency by market capitalization, Bitcoin (BTC)....

Dogecoin Bounces Off $0.070 Mark, Awaits Breakthrough of Crucial Hurdle

In recent trading sessions, the price of Dogecoin has experienced an upward trend, surpassing a significant resistance level. Over the past 24 hours, DOGE recorded...

Bitcoin Bulls Push BTC Back Up To $28K Amid Surging Address Activity

Bitcoin (BTC), the pioneer of cryptocurrencies, continues to captivate the financial world with its ever-evolving landscape. In recent developments, Bitcoin’s active addresses have witnessed a...

Follow us

Most Popular