XRP Expected to Reach $3.47 Price Target as it Touches Correction Level

Ripple

A prominent analyst using the pseudonym “Dark Defender” stated that XRP has reached the correction target they set for the asset. The analyst predicts that XRP’s price will move towards the $0.89 to $1.42 range in the short term and reach an ultimate price of $3.47 by the end of the year.

Read Also: XRP Security Debate: WeBlog Founder Weighs In

Dark Defender has outlined three target destinations for XRP using various waves. In previous analyses, he identified the recent XRP rally as Wave 1 and predicted that the asset would undergo a correction bringing it to a price range of $0.38 to $0.42, which he named Wave 2.

The latest correction in XRP led to a drop in its price to a 7-week low of $0.412, hitting the correction target and confirming the completion of Wave 2. Dark Defender believes that the next destination for XRP lies within Wave 3, which could drive the price of XRP to a range between $0.89 and $1.42.

XRP Relative Strength Index (RSI) Entering Bullish Territory

Furthermore, the analyst pointed out the XRP’s RSI and its current state. The RSI is a technical indicator that measures whether an asset is overbought or oversold based on recent price fluctuations. Dark Defender revealed that XRP’s daily RSI has slipped into oversold zones, indicating that the asset may be undervalued or too cheap.

Additionally, he highlighted that XRP’s weekly RSI is approaching the support level, indicating that the asset is hitting oversold levels. This suggests a possible price rebound, as buyers typically enter the market at such levels to prevent further falls.

If XRP experiences a price rebound, Dark Defender believes it would trigger Wave 3, resulting in a short-term price range of $0.89 to $1.42. The analyst noted that Wave 3 could begin this summer (between late June and late September), but this is not guaranteed. However, in a previous analysis, he revealed that the short-term target of $1.42 would serve as a precursor to the “Grand Wave 3,” which should lead to the ultimate price target of $3.47 by December 2023.

Read Also: Ripple (XRP) Spent Whooping $200 Million on SEC Defense – CEO

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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