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XRP XRP has risen more than 50% from recent lows, and analyst Dark Defender has targeted $4.11
While most analysts are still reviewing the first wave of gains, Dark Defender (@DefendDark) has set its sights further. The analyst released a technical analysis report identifying $4.11 as the next key price for XRP and believes that the asset is preparing for a second wave of gains that will far exceed the gains already achieved.
Technical Structure
Dark Defender's analysis is based on a four-hour chart of XRP versus the U.S. dollar, using Fibonacci extensions and Elliot Wave theory. Based on his wave count, XRP completed a fourth wave at an August low and then launched a fifth wave. The first leg of the wave lifted prices from a low to a peak of $1.68, followed by a correction. XRP is currently trading at $1.46, above the key demand area on the chart of $1.4445 to $1.5692.
Dark Defender interprets the current price trend as a correction within the fifth wave rather than the end of the trend. This demand area is expected to attract active buyers and push prices towards higher levels. It is worth noting that the asset is currently in a triangular consolidation pattern, and analysts believe the current price is a re-stocking point within the same structure. The Fibonacci expansion of 261.8% is at $4.11, which is exactly the target Dark Defender has set for the second wave of gains. He tweeted: "The second wave of XRP rise is coming. Time pattern shows that $4.11 is the number one goal!" The trajectory arrow on the chart points directly from the current sorting area to $4.11, skipping the middle level.
Drivers of the first wave of gains
The launch of the fifth wave is not an isolated event. On August 19, the U.S. Treasury Department announced that it would significantly increase the scale of debt repurchase operations for long-term securities, increasing the upper limit for each operation on 10-to 30-year treasury bonds from US$2 billion to at least US$4 billion. Caitlin Long, CEO of Custodia Bank, pointed to the macro move as the main driver, describing it as the Treasury's "implementing some form of yield curve control." Falling yields weakened the U.S. dollar, and risky assets, including XRP, responded quickly. On August 19 alone, XRP soared 12%. The White House Cryptocurrency Summit held on the same day further added impetus to the rise. From previous lows, XRP has risen by more than 50%, hitting around $1.68 before this correction.
Second wave of gains
Dark Defender believes that the first wave of macro-driven gains has laid the foundation for the entire structure. The technical side now points to the continuation of the market. Given that the fifth wave remains active and prices are consolidating above key support levels, his analysis believes that $4.11 is a reasonable target for the next round of push.
