A popular cryptocurrency analyst has recently suggested that the price of XRP, the native token of the XRP Ledger, could reach the $1 mark in the “very short term” while the cryptocurrency makes its way toward $1.88 and $5.85 in the future.
In a post shared on the microblogging platform X (formerly known as Twitter), pseudonymous crypto analyst Dark Defender noted that looking at shorter time frames, the price of XRP failed to surpass the $0.73 but found support at $0.6649 per token which, to the analyst, is crucial.
According to Dark Defender, XRP’s “very short term targets” are now at $0.8737 per token and $1.0593, before the cryptocurrency’s price keep surging.
Hi all. Let’s have a look at the smaller time frames, such as 4Hour. After reaching $0.73, #XRP had the corrective action and just checked where it had the support. Yes, $0.6649, which is KEY.
You can see the corrective ABC in the Zoomed area. It will not last too long, but he… pic.twitter.com/nsOe2m0l5U
— Dark Defender (@DefendDark) November 7, 2023
The analyst used the Elliott Wave theory, a common tool for predicting future market fluctuations, to predict an impending surge for the price of XRP, suggesting it could hit $5.85 as they did in the past.
Ralph Nelson Elliott developed the Elliott Wave theory in the 1920s after he observed and identified “recurring, fractal wave patterns.” These fractal wave patterns are based on the psychology of the masses, with the Elliott Wave theory usually being interpreted based on five waves moving in the direction of a main market trend, which can be bullish or bearish, and by three corrective waves.
The repetition of these patterns, theory suggests, allows the movements of asset prices to be predicted. The theory is said to have gained notoriety when Elliott himself predicted the stock market bottom in 1935 after a 13-month correction.
Earlier this month, crypto analyst Cryptoinsightuk said that on a weekly timeframe data going back to 2017, price action shows that after XRP “enters the overbought area on the RSI [relative strength index], it “moves between 1,000%-1485% (within 3 weeks).”
Notably, historical data suggests XRP could soar by an estimated 77% during the month of November, as according to historical data the cryptocurrency’s price has surged significantly in November, with a record 531% rise in November 2013.
Over the past five years, November has predominantly been unprofitable for XRP, except for 2020 when it saw a significant 178.3% gain. This suggests that the value of XRP could soon surge based on its long-term historical data for November, or it could dip following last five years’ pattern.
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