Popular crypto analyst Dark Defender, with over 108,000 followers on Twitter (@DefendDark), has ignited XRP enthusiasts with a bullish technical analysis suggesting a significant price movement for XRP by the end of September.
Dark Defender’s analysis hinges on a symmetrical triangle pattern identified on a 3-month XRP/USD chart. This pattern, characterized by converging support and resistance lines, often indicates a period of decreasing volatility followed by a breakout in either direction.
Within the triangle, the price candles are “compressing” towards the apex, further hinting at building market consensus for a substantial price move once the breakout occurs.
The analyst highlights two crucial trendlines:
- Ultimate Resistance: A downward-sloping line representing a historical price ceiling for XRP.
- Ultimate Support: An upward-sloping line acting as a psychological support level.
While XRP dipped below the “Ultimate Support” in July, it found support at the 23.60% Fibonacci retracement level ($0.3917) and has since started an upward climb.
Crucial Candle on September 30th?
The current XRP price sits slightly above the “Ultimate Support.” However, the key indicator, according to Dark Defender, is the closing price on September 30th, 2024. A close above the trendline would pave the way for the analyst’s bullish price targets.
Also Read: XRP Price Poised for Breakout – 50 SMA and 200 SMA Convergence Could Ignite Rally
Potential Price Targets:
- Immediate Resistance: $0.6649 (70.20% Fibonacci retracement level) – A breakout above this point could confirm bullish sentiment and a potential multi-year trend reversal.
- Full Retracement: $0.9327 (100.00% Fibonacci retracement level) – Represents a full recovery from the price decline that began in July 2023 after the SEC lawsuit.
- Mid-Range Target: $1.8817 (161.80% Fibonacci retracement level) – Reflects significant upside potential if the momentum continues.
- Aggressive Bullish: $5.8579 (261.80% Fibonacci retracement level) – This scenario hinges on strong market fundamentals and positive investor sentiment.
- Ultimate Breakout: $18.2364 (361.80% Fibonacci retracement level) – An extremely optimistic target requiring a major shift in market dynamics.
Current XRP Price: $0.5989 (as of press time)
While Dark Defender’s analysis paints a rosy picture for XRP bulls, it’s crucial to remember that technical analysis is not a foolproof method. Investors should always conduct their own research and consider market conditions before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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