XRP's Monthly Wave 5 Targets $8 After Fibonacci Breakout

Crypto market analyst Dark Defender has provided a comprehensive technical analysis for XRP, indicating that the asset may have concluded its Monthly Wave 4 correction and is poised for an impulsive move into Monthly Wave 5. In a recent post on X, accompanied by a 4-hour XRP/USD chart, the analyst highlighted the completion of an ABC corrective structure and underscored the significance of the $1.8815 Fibonacci level.

Dark Defender noted that XRP touched the Monthly Wave 4 dip and briefly dipped below the target Fibonacci Level at $1.8815, which is considered normal for this phase. The daily candle closed above this crucial level, signaling a significant technical development. The analyst trusts that holding above $1.8815 could trigger Wave 5, targeting $8. This upward trajectory aligns with standard Elliott Wave Theory principles, suggesting a path from the current price zone to the higher target.

According to the chart, XRP’s recent decline pushed it to the 161.8% Fibonacci extension at $1.8815 before briefly dipping below it. The price action formed a wick under the level but ultimately closed above it, which the analyst described as normal for this phase. The candle close above this threshold was highlighted as a significant technical signal. Dark Defender noted that the level remains valid so long as daily candles close above it, suggesting that the structure is consistent with a bullish outlook.

Dark Defender’s analysis is supported by historical price movements. A similar move in early January sent XRP to its multi-year peak of $3.39. The asset concluded Wave 4 in that formation at the start of the year when it fell to around $2. However, it quickly picked up steam, starting Wave 5 and sending the asset to its highest level since January 2018. Following this, the asset experienced an ABC correction, forming Monthly Wave 4 and placing it near the 161.8% Fibonacci extension level. The analyst acknowledged that the digital asset may experience volatility around $1.88, mentioning that “sags below $1.88 with some side moves” are possible.

The chart forecasts a significant upward move from the current zone, with the Monthly Wave 5 path targeting $8. While no exact timeframe is given, the implication is that this could unfold over the coming weeks or months. The steepness of the projected wave suggests a rapid expansion phase if support continues to hold. Another well-respected analyst recently predicted a move to the $5 to $8 range, suggesting the asset will experience a massive green candle this month. If Dark Defender’s prediction comes true, XRP will see a new all-time high in no time.