Cryptocurrency expert names a digital asset that can grow by 1137%

Cryptocurrency market analysts have announced another bullish forecast for the XRP price. Crypto blogger Dark Defender expects an explosive growth of the altcoin, which could lead to the XRP token rising to a new all-time high that will exceed the peak reached in 2018.

In his post on the X platform (formerly Twitter), Dark Defender presented a scenario in which the XRP price could rise to $ 5.85. The analyst uses wave theory to support his prediction, highlighting the third wave as the most important.

According to the post, the first and second parts of the wave theory have already been established. Reportedly, the first wave began when Ripple won its first victory over the US Securities and Exchange Commission (SEC) and the price of the digital asset rose to $ 0.91.

The second wave presented in the analysis came when the XRP price began to fall to $ 0.39, followed by a recovery that led to the third wave.

«#XRP has completed a correction after $ 1.9 and passed Wave 1 at $ 0.91,» Dark Defender said. — «We completed Wave 2 with little risk to the final wick point at $ 0.39. The price above the weekly Ichimoku clouds is getting closer; we will see #bullish XRP above it,» the crypto expert noted.

The Ichimokucloud is a technical analysismethod that combines several indicators on a single chart. It is used on candlestick charts as a trading tool that gives an idea of potential support and resistance price zones (ed.).

The analyst goes on to explain what the third wave will mean for the XRP price. Since the second wave will serve as support for the cryptocurrency, Dark Defender says that it could lead to a rise in the XRP price to $ 5.85. «In the short term, there are 2 Fibonacci targets for the third wave: $ 1.8815 — very strong — and $ 5.8563,» the crypto strategist says.

If this happens, the price of the digital asset will increase by 1.137% to reach this point.

On the chart presented by the analyst, the third wave is not the end. The fourth wave, like the second, is rather bearish for the XRP price in the short term after rising to $ 5.85. The chart shows a drop to below $ 4, which would mark the fourth wave.

Finally, the fifth wave continues the bullish streak of the third wave. It shows a similar rebound, leading to a rise of about 100% from the lower boundary of the fourth wave. This means that XRP could rise above $ 7.5 after the fifth wave is completed.

At the time of writing, on October 12, the XRP price is within $ 0.5, which is 2.75% lower than yesterday. The coin’s market capitalization amounted to $ 26.7 billion, and traders made daily trading deals worth $ 960.6 million.