XRP Next Big Move: Expert Reveals XRP Likely Next Target After Correction Ends
A market analyst has predicted the next possible direction for XRP after the ongoing correction that has triggered significant declines ends.XRP has recently witnessed massive price volatility but appears to be holding strong in the face of adversity. Amid Bitcoins sharp decline below $93,000, the broader crypto market entered a correction phase, which also impacted XRP. Despite the pullback, XRP has shown relative resilience in comparison with other crypto assets. While down 5.54% in the past 24 hours, XRP has retained a 27% gain over the last seven days, holding strong above the $1.36 price territory.XRP Shows Resilience Amid Profit TakingAs XRP maintains this level, analyst Dark Defender recently discussed its next possible direction once the correction ends. According to him, the pullback in XRPs price is normal after strong upward trends in crypto markets, as XRP has spiked 200% over the last few weeks.Besides the broader market pullback, another factor possibly contributing to XRPs recent correction is profit-taking by investors in South Korea. According to CryptoQuant, approximately 6.6 billion XRP tokens were held on Upbit, the countrys leading exchange. During the recent rally, South Korean investors sold around 400 million XRP, worth $400 million. This sell-off likely contributed to short-term price pressure, with XRP giving up the $1.44 pivotal price level.XRPs Next Possible DirectionIn his recent analysis, Dark Defender called attention to the Elliott Wave theory. He noted that XRP is currently in Wave C of the corrective phase. This wave has a major support level at $1.2893, where the regular Wave 2 would complete. However, the analyst suggests that if XRP fails to hold above $1.28, the correction could deepen, potentially pushing the price down to $1.03. It is important to note that XRP has not traded below the $1 mark since it reclaimed it on Nov. 16.
Text source: The Crypto Basic
