Expert Reveals XRP Likely Next Target After Correction Ends

A market analyst has predicted the next possible direction for XRP after the ongoing correction that has triggered significant declines ends.

XRP has recently witnessed massive price volatility but appears to be holding strong in the face of adversity. Amid Bitcoin’s sharp decline below $93,000, the broader crypto market entered a correction phase, which also impacted XRP. 

Despite the pullback, XRP has shown relative resilience in comparison with other crypto assets. While down 5.54% in the past 24 hours, XRP has retained a 27% gain over the last seven days, holding strong above the $1.36 price territory.

XRP Shows Resilience Amid Profit Taking

As XRP maintains this level, analyst Dark Defender recently discussed its next possible direction once the correction ends. According to him, the pullback in XRP’s price is normal after strong upward trends in crypto markets, as XRP has spiked 200% over the last few weeks.

Besides the broader market pullback, another factor possibly contributing to XRP’s recent correction is profit-taking by investors in South Korea. According to CryptoQuant, approximately 6.6 billion XRP tokens were held on Upbit, the country’s leading exchange. 

During the recent rally, South Korean investors sold around 400 million XRP, worth $400 million. This sell-off likely contributed to short-term price pressure, with XRP giving up the $1.44 pivotal price level.

XRP’s Next Possible Direction

In his recent analysis, Dark Defender called attention to the Elliott Wave theory. He noted that XRP is currently in Wave C of the corrective phase. This wave has a major support level at $1.2893, where the regular Wave 2 would complete. 

However, the analyst suggests that if XRP fails to hold above $1.28, the correction could deepen, potentially pushing the price down to $1.03. It is important to note that XRP has not traded below the $1 mark since it reclaimed it on Nov. 16.

Despite this near-term bearish scenario, Dark Defender is optimistic about XRP’s long-term prospects. He predicts that once the correction ends, XRP could rebound to target $1.88 initially. 

Notably, breaking past this level could open the path to challenge its 2021 peak of $1.96, a major resistance level during the previous bull run. A decisive move above $1.96 could potentially trigger a run to the highs seen during the 2017/2018 crypto market boom.  

Interestingly, market veteran Peter Brandt discussed the importance of this $1.96 region in a recent analysis. According to him, if XRP can surpass this price level, it could set the stage for an explosive push.

The Pivotal $1.44 Price Territory

In a previous analysis, Dark Defender pointed out that XRP had been consolidating around the Fibonacci level of $1.44 for several days. This level is an important threshold for further upward momentum.

Good morning, friends; how are you?
I hope you are all good.$XRP strolled around our Fibonacci level of $1.44 for a few days.

He targets $1.88 – $2.17 with the 5th Sub-Wave.
(Not Financial Advice)

But first, let’s close above $1.44 for at least 2 days.

Defenders, Spartans,… pic.twitter.com/xEyZt2CQut

— Dark Defender (@DefendDark) November 25, 2024

For context, XRP breached this level after SEC Chair Gensler confirmed his resignation. Dark Defender highlighted the importance of XRP closing above $1.44 for at least two consecutive days.  Once this condition is met, XRP could target levels between $1.88 and $2.17 as part of its fifth sub-wave rally. 

At press time, XRP has already tumbled below this $1.44 price level, currently changing hands at $1.3628. Notably, at the current price, XRP must first reclaim the $1.44 and hold above it before it can set its eyes on greater price levels.