In a technical analysis, crypto analyst Dark Defender has provided a bullish perspective on the XRP price action, indicating that the cryptocurrency is on the cusp of a potential breakout. The analysis presented is based on a daily chart that encapsulates several advanced technical indicators and theories. Why A XRP Price Breakout Is Imminent The core of Dark Defender’s analysis is the completion of a five-wave corrective structure, as posited by Elliott Wave Theory. This theory suggests that markets move in repetitive cycles, with the five-wave pattern indicating a correction following a larger trend. In XRP’s case, the waves numbered (1) to (5) illustrate a complete correction within a larger bullish context. The implication is that the completion of this pattern could lead to the start of an impulsive, upward wave sequence. Dark Defender points to the critical support level at $0.4623, a value derived from Fibonacci retracement analysis. Fibonacci retracements are based on the idea that markets will retrace a predictable portion of a move, after which they will continue to move in the original dire ..
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