In the world of cryptocurrency, few assets have captured the attention and imagination of investors like XRP. Its tumultuous journey from a remarkable high to a substantial correction has been a subject of much analysis and debate. Renowned analyst Dark Defender now provides a comprehensive analysis of XRP’s corrective path, shedding light on its future potential.

The Correction Phase

Dark Defender’s analysis begins by revisiting XRP’s extensive correction phase. In April 2021, XRP reached an impressive high of $1.9669, riding the wave of a remarkable rally. However, the asset faced a significant correction, shedding all the gains it had accumulated during that rally. This correction phase, as depicted in Dark Defender’s chart, followed a distinct 5-wave structure labeled as Waves A to E.

The data from the chart reveals that XRP took approximately 20 months to complete this correction, with Wave E marking its conclusion when XRP dropped to the $0.30 level in January. This correction phase was a challenging period for XRP holders, but it set the stage for what was to come.

A New Beginning: The Bullish Structure

Following the conclusion of the correction, XRP embarked on a new journey characterized by a bullish 5-wave structure labeled as Waves 1 to 5. This shift from correction to a bullish structure brought renewed hope and optimism for XRP enthusiasts.

The first wave of this new structure saw XRP reach a high of $0.91 in July, a significant milestone triggered by Judge Analisa Torres’ ruling, declaring that XRP was not a security on its own. However, XRP experienced retracements, with eight weekly losses in nine weeks between July 17 and September 11. The asset dropped to the $0.45 level, giving birth to Wave 2. Dark Defender noted a slight risk of it touching $0.39, marking the final point of the wick.

The Road to $5.8

With Wave 2 now completed, Dark Defender’s analysis paints an optimistic picture for XRP’s future. The analyst suggests that XRP’s price is on the cusp of closing above the Weekly Ichimoku Cloud, situated between the $0.52 and $0.56 price levels. According to Dark Defender, a weekly close above this level would signify a bullish turn in XRP’s price trajectory.

The analyst sets two Fibonacci targets for the upcoming bullish Wave 3. The initial target stands at $1.8815, a crucial resistance level that XRP needs to overcome. Dark Defender believes that surpassing this point is pivotal for XRP’s future trajectory. Once this resistance is breached, the analyst predicts a meteoric rise to a new all-time high of $5.8563.

At the time of writing, XRP is trading at $0.5165, reflecting a 0.75% decline over the last 24 hours. The projected surge to $5.8563 from its current price would necessitate a monumental 1,033% increase. While this forecast is certainly ambitious, it underscores the potential that XRP holds within the cryptocurrency market. As always, only time will tell whether XRP can fulfill this bullish prophecy.