Cryptocurrency market analyst Dark Defender shared a new weekly XRP/USD chart update, reinforcing his ongoing Elliott Wave-based prediction.
According to his latest analysis, XRP has completed a key technical breakthrough and is currently entering what he believes to be the fifth and final wave of a broader impulsive cycle within the monthly timeframe.
Key breakthrough confirmed above $2.2222.
The chart in his tweet shows that XRP successfully broke through the $2.2222 level, briefly reached $2.3620, and then underwent a corrective pullback to around $2.07.
Dark Defender emphasizes that this correction was anticipated and aligns with the previously set target area of $2. He believes this correction confirms the completion of the fourth wave and paves the way for the fifth wave's initiation.
The structure of the fifth wave will unfold within the sub-waves of the medium-term fluctuations.
In this context, the fifth wave is expected to follow a classic sub-wave structure, unfolding five smaller waves in an upward trend. This structure implies that as XRP advances towards resistance levels of $5.85 to $6.39, the price will experience intermittent upward and downward fluctuations.
The target area is marked on the chart with Fibonacci extension lines. The 261.8% extension line is situated around $5.8563, providing technical validation for the predicted upper limit.
Weekly RSI crossover signals indicate new bullish momentum.
Furthermore, Dark Defender emphasized that the weekly Relative Strength Index (RSI) will turn bullish this week. The circular crossover point between the RSI (purple) and its moving average (yellow) visually supports this observation, appearing near the mid-low level.
This crossover is interpreted as a signal of a bullish momentum revival, coinciding with the emergence of the fifth wave. The chart shows that the RSI reversal supports the argument that prices are about to rise.
Analysts maintain confidence in a long-term bullish outlook.
The analyst reiterates that during the development of the fifth wave, the market should expect fluctuations, characteristic of sub-wave patterns. However, the overall direction still points to higher levels within the established range.
Dark Defender confidently summarizes this update, asserting that the bullish market structure remains intact and XRP is now 'ready' to enter the next phase. His post ends with a private message wishing fans a pleasant weekend, reflecting a tone of confidence and optimism.
At the time of analysis, XRP was trading at approximately $2.38, maintaining a price structure consistent with the expected wave pattern.
