Crypto analyst Dark Defender has captured the spotlight with his latest assessment of XRP, highlighting its consolidation within the $0.3917 to $0.6649 range. His recent analysis suggests that XRP could be on the cusp of a significant bullish breakout, reminiscent of its dramatic rise in 2017.
Dark Defender emphasizes the pivotal $0.6649 resistance level. Positioned above the weekly Ichimoku clouds, this price point is crucial. A successful breach of this resistance could ignite a bullish rally, potentially mirroring past explosive price movements. In 2017, XRP experienced a meteoric rise, and Dark Defender’s analysis hints at a similar potential.
The analyst notes that the weekly Relative Strength Index (RSI) for XRP shows patterns aligning with historical price dips. The RSI has mirrored price drops on the weekly chart, which have traditionally preceded upward price movements. A golden cross within the weekly RSI—a signal where a shorter-term moving average crosses above a longer-term moving average—has recently formed. This technical indicator is often associated with the start of a bullish trend.
Dark Defender identifies key support levels at $0.5286 and $0.4623, which are critical for traders and investors. These levels offer potential entry points during any market pullbacks. Maintaining these support zones is essential to sustain XRP’s current price structure and avoid a breakdown in the consolidation phase.
Drawing parallels between current market conditions and the lead-up to XRP’s 2017 bull run, Dark Defender suggests that XRP could be weeks away from a major breakout similar to that historic surge. The 2017 bull run propelled XRP to its all-time high of $3.84, and the current market structure bears similarities, hinting at another possible major run.
Also Read: XRP To $100? Analyst Predicts 18,201% Surge With $6.5 Trillion Market Cap
Looking ahead, Dark Defender has set an ambitious target of $18.22 for XRP, particularly if a bullish trend materializes. This target aligns with the 361.80% Fibonacci extension level and is projected to be achieved during Wave 3 of the current Elliott Wave pattern on XRP’s chart. Dark Defender is optimistic, stating, “We are experiencing a deja vu of 2017. If a similar run is on the horizon, $18.22, the Fibonacci level of 361.80%, is expected to be the upper target for Wave 3. It will be exciting to see if this comes to fruition.”
With multiple analysts echoing this bullish sentiment, XRP investors have reason to watch closely as the cryptocurrency navigates its current consolidation phase. If history is any guide, XRP could be poised for another remarkable ascent.
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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