Since hitting its yearly high of $0.5842 on March 29, XRP has seen a significant price decline. The token lost its bullish momentum and failed to breach higher levels, disappointing investors who were optimistic about the uptrend of one of the biggest cryptocurrencies in the market.
It should be noted that the recent drop in XRP prices is part of a broader market correction affecting the entire cryptocurrency market. Despite this, crypto trader and analyst “Dark Defender” believes that there are still more fixes coming for XRP.
No sign of recovery for XRP?
On April 1, Dark Defender made a bold prediction for the price of XRP based on Elliott Waves Theory. According to Dark Defender, the token ended its first wave (W1) at around $0.59 and is expected to enter a second wave (W2) which will find support between $0.48 and $0.38.
As of now, there has been no change in Dark Defender’s prediction, and XRP remains in correction unless it breaks its $0.59 resistance level and stays above for three consecutive days. . Dark Defender provided a list of support levels for XRP, including $0.4812, $0.45544, $0.42044, and $0.38813. The analyst believes that XRP will end this latest correction at one of these levels before aiming for the $3 mark.
Furthermore, the analyst provided a bullish prediction for the future of XRP, stating that the third wave (W3) of this structure is expected to reach between $2 and $3.47 by the end of this year. However, this Wave 3 above $1.33 will be the predecessor of Grand Wave 3. In Scenario 2, Dark Defender predicts that XRP will continue to rise in value.
As of this writing, XRP is currently trading at $0.4582, which represents a drop of more than 2.6% in the last 24 hours. On broader timeframes, the token saw significant declines of 11% and 9.2% over the seven- and fourteen-day timeframes, respectively. This means that if Dark Defender’s prediction is correct, XRP may still have a lot of downtrends, potentially hitting the March 21 lows at $0.380.
Wide Adoption of XRP Continues to Rise
XRP has been gaining momentum in recent months, with its unique utility in cross-border payments attracting the attention of financial institutions and investors, which has increased with its continuous innovations to provide better service to its users.
According to pro-XRP lawyer John Deaton, Uphold, a digital platform that allows users to buy, sell and hold various cryptocurrencies and traditional currencies, currently holds $1.04 billion in XRP, making of XRP the largest asset held on the platform. This amount is significantly larger than Uphold’s bitcoin holdings, which currently stand at $131 million.
Additionally, token volume accounted for 28.33% of total transactions on Uphold’s platform. This indicates growing demand for XRP among Uphold’s user base and suggests a positive outlook for the cryptocurrency’s future growth and adoption.
Featured image from Unsplash, chart from TradingView.com