XRP is currently trading around $1.16 as discussions intensify over its future trajectory. While bearish sentiment has been growing following a sharp market downturn, crypto analyst Dark Defender remains unfazed and argues that the digital asset’s price structure remains solid.
Support zones identified ahead of decline
Dark Defender, a well-followed cryptocurrency chartist, stated that he had already marked critical XRP support levels well before the recent price drop. On October 25, he published a chart outlining $1.21 and $1.12 as key Wave 2 supports using an Elliott Wave approach.
XRP tested these levels after a significant sell-off in the cryptocurrency market in the wake of the 2026 US midterm elections. A Democratic sweep of both chambers of Congress contributed to a broader decline in US stocks and digital assets.
On November 6, the Nasdaq Composite fell more than 5%, weighing further on market sentiment. XRP dipped below the $1.21 level but remained above the next key support at $1.12. Dark Defender pointed out that these zones were established in his analysis weeks prior to the recent volatility.
Dark Defender highlighted, “We marked the Wave 2 supports at $1.21 & $1.12 on this chart on Oct 25, long before today’s candle.” He added that $1.12 served as a ceiling XRP battled against throughout July and August, and that its main job now is to act as support, which remains the case for the current price.
The shift from resistance to support
As part of his analysis, Dark Defender emphasized the role of $1.12, previously a major resistance level during July and August. Following a breakout in late August, the level transitioned from resistance to support.
He maintains that as long as XRP stays above $1.12, the price structure set out in his previous analysis will continue to hold.
Wave 3 targets and Elliott Wave perspective
Dark Defender relies on Elliott Wave theory—a technical analysis method that segments price movements into distinct waves—to forecast XRP’s next moves. His chart on the three-day timeframe mapped a substantial Wave 1 in November 2024, followed by a corrective Wave 2 extending through 2025 and into 2026. His projection places the current XRP price near the bottom of this Wave 2.
He has set the target for the anticipated Wave 3 at $10.1101, which corresponds to a 427.20% Fibonacci extension from the wave’s base. Intermediate price checkpoints along this path include $1.5692, $1.8815, $2.9032, $4.1043, and $7.0786.
According to his analysis, White Sub-Waves 1 and 2 visible on the chart correspond to price action observed in October 2024, supporting the overall forecast.
Mini dictionary: Elliott Wave analysis is a technical approach to financial markets that divides price movement into recurring wave patterns, suggesting that markets move in predictable cycles based on investor psychology.
| Target Level | Description |
|---|---|
| $1.21 / $1.12 | Key Wave 2 supports identified by analyst |
| $1.5692 / $1.8815 / $2.9032 / $4.1043 / $7.0786 | Intermediate price checkpoints |
| $10.1101 | Main Wave 3 target based on 427.20% Fibonacci extension |
Analyst dismisses prevailing doubts
Despite uncertainty in the broader crypto landscape, Dark Defender continues to reinforce his stance and rejects bearish sentiment. He said he sees no reason to adjust his outlook, stressing that the “structure holds and the target remains unchanged.”
He commented that he does not listen to negative market noise because, in his view, XRP’s Wave 3 is forming and “bears get loud at the bottom of Wave 2 every time.”
