The price of XRP is currently navigating bearish territory. Following its descent below the 200-day exponential moving average (EMA), the digital currency has further dipped beneath the critical 0.618 Fibonacci retracement level. Despite this downward trend, renowned crypto analyst Dark Defender offers a glimmer of optimism for the XRP army.
However, he also suggests that the market might face additional challenges first before embarking on a remarkable 1000% surge. In his latest analysis, the crypto analyst shared the weekly XRP/USD chart, employing a range of technical indicators including the Ichimoku Cloud, Fibonacci levels, ABC corrective patterns, and Elliott Wave theory.
XRP Price Could Drop Further
The chart provided depicts XRP’s price movements within the context of an Elliott Wave structure, which postulates that markets move in predictable, repetitive cycles. The analyst is identifying the progress of an ABC correction pattern within a larger Elliott Wave cycle. This cor
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