Walking with the wider market direction, the price of XRP decreased by about 35 % since its peak in mid -January at $ 3.40, but according to the Dark Defender analyst (Defenddark), the declining direction may soon reach its end. In his last technical analysis, he is High XRP ends the ABC correction pattern on the daily time frame, with the support of the fact that the RSI Index (RSI) approaches excessive conditions. This can indicate the impact of the imminent direction that leads to a new upper wave structure.
ABC Correction is a standard style in the Elleott wave theory, which represents a three -wave correction that follows a reckless gathering. The A wave usually begins in the first decline, Wave B sees a temporary recovery, and the C wave represents the final leg down, and often creates a large bottom. In the case of XRP, the Dark Defender chart indicates that the Cave C is close to finishing, which means that the original may be ready for the direction of new motives.
Where is the price of XRP then?
From a technical perspective, XRP approaches the main support levels between $ 1.88 and $ 1.91, which can serve as a strong basis for reflection. If the price is confirmed on a bottom around this field, the next stage may include an upward interruption targeting many important resistance levels. The first main resistance is located at $ 2.44, which will need a fracture to confirm a shift in the direction. Above it, the $ 2.99 region becomes a critical obstacle before a possible rise of about $ 5.85, a level that is in line with the extensions of Fibonacci.
Related reading
Given additional indicators, RSI indicators on the daily time frame approaching the conditions of sale, a historically reliable sign indicating that the sale of momentum may exhaust itself soon. A sharp recovery from this field would enhance the issue of reversal ascending. Moreover, the plan shows that XRP has been formed a Bed shed styleThe structure is usually associated with the exit to the upper direction. It can provide a decisive step above the Wedge resistance line line, the necessary assertion to start the new ELLIOTT wave cycle.
Dark Defender projects, as soon as the correction phase is completed, XRP can start a flowing structure of five waves aimed at moving about $ 3.00 in wave 1, followed by a brief withdrawal before an extensive rise of about 5.00 dollars -5.85 dollars in wave 3. A possible goal in the long run.
Related reading
For traders watching the XRP price, resistance levels will be $ 2.44 and $ 2.99. The collapse over these areas would confirm the beginning of the upward upward trend, while failure to retain the support of $ 1.88 – $ 1.91 may indicate more negative risks. With momentum indicators indicate exhaustion in PressureIt appears that the reflection is increasingly possible, which makes this important period of the XRP market structure.
XRP is about to finish ABC correction pattern in the daily time frame, taking into account the lowest RSI numbers.
At the time of the press, XRP was traded at $ 2.21.
Distinctive image created with Dall.e, Chart from TradingView.com
