In novel technical condition analysis XRP prices on the weekly chart (XRP/USD), cryptocurrency analyst Dark Defender warns of a potential last major crash. The analysis used Elliott wave theory and delved into XRP’s historical and forecast paths as determined by critical price levels and wave patterns.

Is the final XRP price crash coming?

According to Dark Defender, in mid-July last year, XRP ended its wave 1 at $0.9327, far exceeding the initial targets set when the price was just $0.28. “Those know, they know that our target was $0.89 and above, while XRP was at $0.28. However, XRP closed Wave 1 at $0.9327. So we haven’t decided on that, have we? We set limits and goals and then see them. So right after reaching the initial target, XRP started to consolidate,” commented Dark Defender.

Analysis of the chart shows that after reaching the high, the price action found a solid base at $0.3917, a level that was closely reached with a highlight at $0.3814, highlighting the accuracy of predicted support levels based on Elliott Wave theory. “We all knew our low was the $0.3917 we set. Later, XRP almost exactly touched $0.3814. We then emphasized several times that this area was the lowest Fibonacci zone,” the analyst said.

Moving on to more recent action, Dark Defender placed ponderous emphasis on the $0.6649 figure, describing it as an “extraordinary level” and “the strongest of all.” The analyst notes: “And as soon as we see XRP above $0.66 in a day, a week, a month, then we will see huge moves.”

However, the latest weekly Wave indicator provides a red signal, suggesting possible downward pressure. Dark Defender warns investors: “right now the weekly indicator is giving us a red signal which may be false but it tells us this guys think about the support levels at $0.5286, $0.4850 and the lowest probability $0.3917 as a double inheritance.”

According to Dark Defender, while there is potential for a decline, the probability remains low. “Can XRP hit here again!!! Oh god yes, but it’s less likely. Despite the short-term bearish signal, the monthly wave trend remains green, which tends to outweigh the weekly indicators, suggesting that the red signal may be premature.

“Although the weekly signals are now red, the monthly wave trend is green, which is breaking the weekly one. This made me think that the weekly is a false signal at this stage,” explains the analyst, reinforcing the potential for continued growth in the long term.

Interestingly, the wave indicator also gave false signals on the weekly chart during the first wave, highlighting the long-term Dark Defender theory. He still believes that “possible XRP wave 3 targets are $0.88, $5.85 and $18.22 respectively.”

However, before the price reaches this high level, the last major resistance appears. “As long as $0.48, and most importantly $0.3917, is maintained, the targets for XRP are clear, especially after $0.6649. Please don’t be dismissive and wonder what the hell is $0.66? It’s a slender red line. We know and see what is happening in the background. We see that fewer people remain on the ship. But I trust myself, Ripple and XRP. Exciting times lie ahead,” he states.

At press time, XRP was trading at $0.5302.

Featured image created with DALL.E, chart from TradingView.com